Crown Agents Foundation (Hansard, 30 October 1996)

§ Baroness Chalker of Wallasey

The Crown Agents Foundation has now been established as a private sector body under the chairmanship of Sir David Rowe-Ham. It is currently recruiting additional members representing a broad range of relevant interests. Copies of an information memorandum issued by the foundation for this purpose have been placed in the Libraries of the House. Provided we are satisfied with the make up of the foundation and with other arrangements, orders will be laid under the Crown Agents Act 1995 to vest the assets and liabilities of the Crown Agents in a new company, ownership of which will be transferred to the Foundation. We hope that this will take place before the end of the year. Subject to vesting, we propose to subscribe £2 million in share capital and £5.5 million of subordinated loan capital to the company. Provision for this is being made in a Supplementary Estimate on the External Assistance Vote (Class II Vote 5).