§ Ms ShortTo ask the Secretary of State for Transport what amount of compensation for previous investments Railtrack will be required to pay to local authorities and passenger transport authorities before privatisation; and if this amount will be included in the writing off of Railtrack's debts before privatisation. [19861]
§ Mr. WattsThe British Railways Board executed deeds of assumption in March 1994 to compensate passenger transport executives for the loss of pre-April 1994 lower costs that BR had charged in return for PTE capital grants. Deeds relating to infrastructure were transferred to Railtrack by way of the Railtrack transfer scheme in March 1994. Further deeds were executed by Railtrack in July 1995. In 1995–96, Railtrack made payments of £69.9 million to the PTEs, net of tax withholdings, under the deeds of assumption. Railtrack is currently scheduled to pay a further £5.2 million, net of tax withholdings, on 1 April 1996. Final details of the capital structure which Railtrack will take into the private sector have yet to be concluded