§ Mr. Peter AinsworthTo ask the Secretary of State for Culture, Media and Sport what estimate he has made of the wind-up costs of the millennium experience. [108772]
§ Janet Anderson[holding answer 7 February 2000]: The actual financial costs of winding up the New Millennium Experience Company would depend on the commitments and liabilities outstanding at the time when any such decision were taken. Neither the Government, nor the Millennium Commission, nor the Board of NMEC have plans to wind up the New Millennium Experience Company prior to the completion of its remit to run the Millennium Experience to 31 December 2000.
§ Mr. Peter AinsworthTo ask the Secretary of State for Culture, Media and Sport if loans made to the New Millennium Experience Company by the Millennium Commission may be subordinated. [106442]
§ Janet Anderson[holding answer 24 January 2000]: The Millennium Commission has not made any loans to the New Millennium Experience Company (NMEC) or any other organisation. The Commission cannot make loans as it has no statutory powers to do so.
237WAll grant made to NMEC is repayable if any surplus is achieved from its operations or asset disposals after the organisation has met its other contractual liabilities. However, this grant does not constitute a loan as there is no guarantee of repayment or certainty of the amount which might be repaid to the Commission. It is open to the Commission to impose, as a condition of grant, the terms on which it will be repaid.