§ Mr. Teddy TaylorTo ask the Secretary of State for Northern Ireland if he will make a statement setting out the progress made in securing the sale of Messrs Harland and Wolff since his statement to the House on 22 March,Official Report, columns 1089–1100; and if, in particular, he will outline the financial contributions and loans being made available to the new owners by Her Majesty's Government.
§ Mr. Viggers[holding answer 2 May 1989]: Following the signing of the heads of agreement on 22 March, preparation for the formal completion of the sale is under way. Discussions between officials and the MEBO/Olsen team are continuing, and officials are also involved in discussions with the European Commission in seeking its approval to the terms of the sale.
As my right hon. Friend the Secretary of State made clear to the House on 22 March, under the heads of agreement the privatised company will receive repayable loan stock and grant towards rationalisation of £98.75 million and intervention aid on new merchant orders.