§ Mr. RichardsTo ask the Secretary of State for Wales what progress has been made with the sale of Housing for Wales's loan portfolio. [19567]
§ Mr. HagueContracts were exchanged with NatWest Markets yesterday which establish the terms on which the portfolio will be sold.
I cannot yet provide a final figure for the receipt because the purchase price is subject to changes in the portfolio itself and to movements in the gilt rate between now and completion at the end of March. A receipt exceeding the book value of £58 million was anticipated in spending plans to the current financial year, and will be realised.
728WThe receipt will be subject to subsequent adjustment should any of the loan characteristics differ from those described in the contract in any way that results in a financial loss for either party. This was anticipated in the minute which was laid before Parliament on 10 February. No other warranty apart from the basic undertaking about the ownership of the loans has been given.