§ Mr. Neil Hamiltonasked the Secretary of State for Energy what was the amount of reserves shown on the National Coal Board's consolidated balance sheet at the latest convenient date; and whether he will make a statement.
§ Mr. Peter WalkerI understand that the NCB's accounts for 1982–83, to be published on 27 July, are expected to show a loss of £111 million after deficit grant of £374 million. This loss wipes out reserves accumulated by the board in previous years and leaves a negative balance of £29 million.
The board has stated its intention of remedying this extremely serious financial situation and achieving a return to viability at the earliest practicable date, in accordance with the objectives published by my predecessor on 18 March — [Vol. 39, c. 296.] Meanwhile, advances to the board will continue to be made out of the National Loans Fund and I have told the board's auditors that, subject to Parliament's approving necessary provisions, the Government will continue to make available adequate funds to enable the NCB to meet its obligations as they fall due during the Board's current financial year to 31 March 1984.