§ Mr. Gordon PrenticeTo ask the Secretary of State for the Environment. Transport and the Regions (1) on how many occasions the Government have traded shares in Railtrack; [146003]
(2) what plans he has to dispose of the Government's equity stake in Railtrack; [146002]
(3) when Her Majesty's Government took a 0.2 per cent. equity stake in Railtrack. [146004]
§ Mr. HillThe Government's holding of Railtrack shares originates from the time of the Railtrack flotation in 1996 when some 4 million shares were held back in order to meet a contractual obligation to distribute bonus shares to shareholders who held their shares for three years. Some 3 million were distributed as bonus shares on 31 May 1999. The residual shareholding represents 0.2 per cent. of Railtrack's share capital of 500 million shares.
Apart from the specific arrangements for the flotation of Railtrack, including the issue of bonus shares, the Government have not traded in Railtrack shares. The Government have no current plans for disposing of their residual shareholding.
§ Mr. Gordon PrenticeTo ask the Secretary of State for the Environment, Transport and the Regions what quality control checks are in place to ensure that the re-railing of track meets the industry's standards; and if he will make a statement. [146005]
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§ Mr. HillRailtrack has prime responsibility for the safety and security of the railway it controls and for the health and safety of those who are affected by its activities.
Railtrack's contracts for infrastructure maintenance and track renewal require contractors to be compliant with specified standards designed to ensure safe and secure operation. The contractors are required to inform Railtrack of any deficiencies found and of any remedial work they consider necessary.
In order to continue to discharge its statutory safety obligations under the Health and Safety at Work etc Act 1974, Railtrack must accept responsibility for all decisions that relate to infrastructure maintenance, repair and track renewal works.