§ Mr. Teddy Taylorasked the Minister of Agriculture, Fisheries and Food what is the quantity of butter in European Economic Community intervention which is two years old or more; what is the estimated value of such butter expressed in pence per pound; and what is the estimated cost of storing it for the average period in which such stocks have been in intervention.
§ Mr. Gummer[pursuant to his reply, 1 December 1986, c. 473]: As at 25 November 1986, 280,363 tonnes of butter in intervention in the European Community were two years old or more. The average book value of these stocks, representing the balance of the original purchase price not yet recovered by member states, is approximately 50p per lb. But the price likely to be realised at the time of disposal will be considerably lower in the present state of the market. It is estimated that the cost of storing this butter for the average period it has been in intervention is about £148 million.