§ Mr. AdleyTo ask the Secretary of State for Energy if he will take steps to ensure that people who applied for shares in the electricity distribution companies are refunded immediately with the funds they submitted for shares with which they were not allocated; and if he will make a statement.
§ Mr. Heathcoat-AmoryThe receiving banks sent refunds before Christmas to the vast majority of the applicants to whom they were due. They deployed substantial resources throughout January to resolve the majority of the relatively small number of outstanding cases, and are dealing with the few that remain as a matter of priority.
§ Mr. AdleyTo ask the Secretary of State for Energy what was the sum of money submitted for shares in the electricity distribution companies; who has had the use of the money submitted for shares which were not allocated; and what arrangements are being made to pay interest to the owners of the money who have not yet had it returned.
§ Mr. Heathcoat-AmoryAbout £7 billion was submitted in respect of the public offer. Surplus application money was returned to applicants as rapidly as possible: the interest earned on this money in the interim will accrue to the taxpayer. The terms and conditions of the sale made it clear that no interest on such funds would be payable to applicants.