§ Mr. CohenTo ask the Secretary of State for the Environment, Transport and the Regions if he will estimate the Government's liability under the rules governing the Private Finance Initiative in respect of London and Continental Railways Channel Tunnel Rail Link. [33905]
§ Ms Glenda JacksonLondon and Continental Railways raised some £430 million of debt to fund the Development of the CTRL and Eurostar operations for the period up to the main fund raising for construction. If LCR were to fail then the Eurostar business, along with all of its assets and liabilities including this debt, would transfer back into public ownership. The funding agreements with the lending banks provide for the debt to be repaid from Eurostar revenues.