§ Mr. McLeishTo ask the Secretary of State for Scotland if he will estimate the outstanding debt in the industrial and commercial properties and land of each of the five new towns.
§ Mr. LangOutstanding long-term loans payable to the National Loans Fund at 31 March 1989 were:
£000 Cumbernauld 233,362 East Kilbride 117,948 Glenrothes 149,773 Irvine 163,622 Livingston 295,576 Total 960,281
§ Mr. McLeishTo ask the Secretary of State for Scotland if he will estimate the total income received from industrial and commercial properties and land of each of the five new towns.
§ Mr. LangThe total income from non-housing activities received by the five development corporations for the financial year which ended on 31 March 1989 was:
307W
£000 Cumbernauld 2,992 East Kilbride 6,439 Glenrothes 3,745 Irvine 2,656 Livingston 6,729 Total 22,561
§ Mr. McLeishTo ask the Secretary of State for Scotland if he will estimate the value of the industrial and commercial properties and land in each of the five new towns.
§ Mr. LangThe new book values of industrial, commercial properties and land at 31 March 1989 for each of the five development corporations are set out in the following table.
£'000s Industrial Commercial Land Cumbernauld 26,005 6,497 14,100 Glenrothes 16,872 12,268 4,580 East Kilbride 40,705 30,245 8,040 Irvine 19,603 6,522 8,084 Livingston 60,633 27,598 347 TOTAL 163,818 83,130 35,151
§ Mr. McLeishTo ask the Secretary of State for Scotland (1) if he will give an estimate of the amount of debt of industrial and commercial properties and land, in each of the new towns, to be written off as part of the wind-up proposal as agreed to in July 1987;
(2) if, pursuant to paragraph 9.4, page 17, of "Scottish New Towns—The Way Ahead", he will give the estimated value of writing off loans not represented by asset value in each of the five new towns.
§ Mr. LangThe amount of debt to be written off will be derived from a calculation of the amount of debt which the corporations' industrial and commercial activities will be able to service and repay until wind-up. The precise amount of debt to be written off has yet to be determined.
§ Mr. McLeishTo ask the Secretary of State for Scotland if he will take steps to ensure that the industrial and commercial assets in each of the five new towns will be sold at market value as part of the wind up process.