Railtrack

HC Deb 01 November 2001 vol 373 cc782-4W

Mr. Andrew Turner

To ask the Secretary of State for Transport, Local Government and the Regions if he will list the occasions on which guidance has been given to Railtrack by Ministers or statutory bodies at national level since May 1997, indicating in each case the body concerned. [8949]

Mr. Jamieson

My right hon. Friend the Secretary of State, the Strategic Rail Authority and the Rail Regulator have not given formal guidance specifically to Railtrack.

Mr. Pickles

To ask the Secretary of State for Transport, Local Government and the Regions when he had meetings with the Chairman of Railtrack between 25 July and 5 October. [9834]

Mr. Spellar

My right hon. Friend the Secretary of State met John Robinson, the Chairman of Railtrack, on 25 July, on 27 July at the Rail Delivery Group and on 5 October. As agreed by the Secretary of State and Mr. Robinson, officials held a number of meetings with Railtrack and their advisers during this period.

Chris Grayling

To ask the Secretary of State for Transport, Local Government and the Regions what estimate he has made of the level of reserves the successor to Railtrack will require to support a BBB credit rating. [10437]

Mr. Jamieson

The appropriate level of reserves would be determined once the railway administrator has been able to assess Railtrack Plc's true financial position on the basis of a better understanding of its assets, liabilities and cost base.

Peter Bradley

To ask the Secretary of State for Transport, Local Government and the Regions what the total amounts paid by Railtrack to(a) directors and (b) shareholders were in each year since privatisation. [10399]

Mr. Jamieson

(a) The Directors of Railtrack Group Plc received total remuneration of over £10.4 million for the period 1996–97 to 2000–01 inclusive. The annual breakdown is shown in the table.

Directors' remuneration
Year	£000
1996–97	1,386
1997–98	2,167
1998–99	2,046
1999–2000	2,153
2000–01	2,669

(b) Since its flotation on 20 May 1996, Railtrack Group Plc have paid over £700 million to shareholders in cash, or equivalent, dividends. The annual breakdown is shown in the table.

Shareholder dividends
Year	£ million
1996–971	180
1997–98	121
1998–99	133
1999–2000	137
2000–01	138
1 The 1996–97 payment includes £69 million of dividends relating to performance in 1995–96, when Railtrack was in the public sector, but not paid until after privatisation.

Chris Grayling

To ask the Secretary of State for Transport, Local Government and the Regions what discussions he has had with(a) Moodys, (b) S & P, and (c) other credit rating agencies concerning Railtrack and its successor; and if he will make a statement. [11128]

Mr. Jamieson

Officials have met with credit rating agencies as part of their overall objective of ensuring that the rail network continues to receive sufficient funding to operate on a normal basis during the administration of Railtrack Plc and, separately, to develop further the Government's proposals for a Company Limited by Guarantee.

Mr. Pickles

To ask the Secretary of State for Transport, Local Government and the Regions when he plans to seek parliamentary approval for a voted loan to Railtrack plc in administration. [11219]

Mr. Spellar

Parliamentary approval will be sought during the forthcoming Winter Supplementary estimates.

Mr. Pickles

To ask the Secretary of State for Transport, Local Government and the Regions if he will ensure the separation of the safety regulation from the ownership of the rail network following the creation of the successor to Railtrack. [10474]

Mr. Spellar

The regulator for railway safety is the Health and Safety Executive. There are no plans to change this.

Chris Grayling

To ask the Secretary of State for Transport, Local Government and the Regions what meetings his Department has held with financial institutions since the Railtrack administration announcement. [10764]

Mr. Jamieson

The Government have had meetings with their financial advisers, bondholders and with credit rating agencies to ensure that the rail network continues to receive sufficient funding to operate on a normal basis during the administration of Railtrack plc and, to discuss the Government's proposals for a Company Limited by a Guarantee.

Chris Grayling

To ask the Secretary of State for Transport, Local Government and the Regions with which institutions holding Railtrack bonds his Department has held discussions since the administration order; and if he will make a statement. [10761]

Mr. Jamieson

Officials of my Department were present at meetings organised by representatives of bondholders. A number of institutions would have been present at these meetings.