§ Mr. Teddy TaylorTo ask the Chancellor of the Exchequer if any further proposals to assist in financing the Eurotunnel have been made to the European investment bank since 15 May 1987; and if he will make a statement.
§ Mr. RyderDiscussions between the EIB and its clients are commercially confidential and private.
Financial mecu Perspective £ million Draft mecu Budget £ million Commitment appropriation 1. FEOGA guarantee 30,700 19,567 26,522 16,904 2. Structural Funds 11,555 7,365 11,527 7,347 3. R & D and Integrated Mediterranean programs 2,071 1,320 1,957 1,248 4. Other policies 2,729 1,739 2,500 1,593 5. Reimbursements and administration 4,930 3,142 4,688 2,988 6. Monetary reserve 1,000 637 1,000 637 Total 52,985 33,770 48,194 30,717 Total Payment appropriations1 50,791 32,372 46,139 29,407 1 There is only a global ceiling for payments. Provision for agricultural guarantee expenditure is about 4,000 mecu (£2,549 million) below the financial guideline calculated in accordance with the Budget Discipline Decision of June 1988. The draft budget also includes provision of 1,470 mecu (£940 million) for the cost of depreciating existing agricultural stocks; and of 1,000 mecu (£637 million) for a monetary reserve which can be drawn up only to cover part of any additional agricultural expenditure arising from change in the $/ecu exchange rate.
Non-obligatory expenditure (DNO) in the draft budget totals 16.3 becu (£10.4 billion) in commitments and 14.2 becu (£9.1 billion) in payments. In accordance with the conclusions of the 1988 February European Council, the Budget Council distinguished between so-called "privileged" and "non-privileged" expenditure. In the first category, the draft budget provides for the substantial
122W
§ Mr. Teddy TaylorTo ask the Chancellor of the Exchequer, pursuant to his reply of 6 November 1987,Official Report, column 899, if the syndicate of banks formed to co-ordinate the financing of Eurotunnel have now agreed to give a guarantee to the European investment bank in respect of the £1,000,000,000 loan given by the Euro bank to the Eurotunnel; and if he will make a statement.