§ Mr. RedwoodTo ask the Secretary of State for Culture, Media and Sport how much money is owed to the Millennium Commission out of the sale proceeds of the millennium dome; and if interest will be paid on this sum. [147777]
§ Janet AndersonUnder the terms of the revised Grant Memorandum, which came into effect on 30 November 2000, issued by the Millennium Commission to the New Millennium Experience Company (NMEC)
Any surplus achieved by the company from operating revenues, asset disposals or other activities, after the settlement of other liabilities, shall be repaid to the Commission, up to a maximum of the amount of grant previously paid, in cash terms.Any amount repayable under this grant condition will be calculated following the completion of all that is necessary to achieve the solvent liquidation of NMEC. Additionally, under the terms of the agreement between NMEC and English Partnerships, details of which were reported to the House by my right hon. Friend the Minister of State for Local Government and the Regions on 17 January 2001, Official Report, column 258W,
Once NMEC has been wound up, it is intended that any remaining share of the proceeds from the sale of the dome will pass to the Millennium Commission.Interest will not be paid as the Commission will receive all of any surplus funds available and the moneys received from the Commission have been grants, not loans.