§ Mr. Hoosonasked the Secretary od State for Wales if he has determined a revised financial duty for the investment functions of the Welsh Development Agency; and if he will make a statement.
§ Mr. Nicholas EdwardsThe Welsh Development Agency has been informed of my determination of its revised financial duty in the following terms
The financial duty of the Agency will be to be guided, in its decisions to invest and to dispose of investments, by the aim to achieve over a rolling five-year period a cash return at least equal to the cost of Government borrowing over the same period. The period reflects a working assumption that the life of agency investments will on average be five years. A target 133W will be agreed in each year with the Welsh Office for the total cash financial return in the coming year. Figures illustrating the performance of the agency in relation to this duty will be published in the annual accounts.