HC Deb 07 March 1996 vol 273 cc332-3W
Mrs. Jane Kennedy

To ask the President of the Board of Trade if he will make a statement on his Department's role in the establishment of the Merseyside special investment fund; which other organisations are involved in its establishment; and on what date its operations will commence. [18840]

Mr. John M. Taylor

[holding answer 4 March 1996]: The Department has worked with a range of private and public organisations to ensure that the proposed fund will complement existing provision of finance to small and medium-sized enterprises and will operate according to Government and European Commission financial requirements.

The Department and MSIF are currently considering with the European Commission their concerns about European regional development fund grant to the fund.

Mrs. Kennedy

To ask the President of the Board of Trade what estimate he has made of the total budget of the Merseyside special investment fund; what will be the total level of Government financial support; and what will be the fund's other sources of finance. [18841]

Mr. Taylor

[holding answer 4 March 1996]: The Department is considering an application from the Merseyside special investment fund for £16.1 million of European regional development fund grant towards its overall budget of £52.6 million. Other funding will primarily come from private sector contributions and income from companies supported by the fund.