European Coal and Steel Community (Loans)

HC Deb 19 February 1982 vol 18 cc244-5W

Sir Anthony Meyer

asked the Secretary of State for Industry, further to his answer to the hon. Member for Flint, West, of 28 January, Official Report, column 392–93, by how much the United Kingdom has benefited from interest rate subsidies on loans from the European Coal and Steel Community in each year since 1973.

Mr. Wakeham

Interest rate subsidies are available in certain conditions on loans under articles 54 and 56 of the ECSC treaty. Those given to the United Kingdom were worth as follows:

	£ million
1973	0
1974	0.86
1975	0.35
1976	0.98
1977	0.50
1978	0.28
1979	1.42
1980	8.48
1981	2.32

Source: European Commission.

In addition, companies are often able to borrow through the ECSC at interest rates lower than they would be able to obtain elsewhere.