§ Mr. Austin Mitchellasked the Minister for Agriculture, Fisheries and Food what was the average amount held by his Department, the Treasury or the European Economic Community, as the case may be, in 1980 in respect of deposits paid by applicants for licences to import processed fruit and vegetable products; what was the average rate of interest payable on bank advances to importers of good standing during this period; and whether, and to what extent, the system resulted in a reduction in imports from third countries of the items in question.
415W
§ Mr. Buchanan-SmithI regret that the information is not readily available in precisely the form requested. The total value of securities lodged with the Intervention Board in 1980 by applicants for licences to import processed fruit and vegetables was £863,771. These securities were recoverable by applicants on completion of import formalities. So the amount of security held on average will have been relatively small. Most securities were in the form of bank guarantees, the terms for which are a matter between the banks and their clients. It is impossible to say how far, if at all, imports of processed fruit and vegetables were affected by the system.