HC Deb 11 February 2002 vol 380 c26W
Mr. Redwood

To ask the Secretary of State for Transport, Local Government and the Regions how much money the Government have(a) lent and (b) made available to Railtrack in administration since 5 October 2001; and how much more money is available for Railtrack in administration to draw down by the end of March (i) 2002 and (ii) 2003. [33998]

Mr. Spellar

To date, £1.495 billion has been drawn down from the commercial loan of £2.1 billion that the Government made available at the commencement of the administration. No formal request has been received from the administrator for additional funds.

Mr. Redwood

To ask the Secretary of State for Transport, Local Government and the Regions what the monthly investment spend is by Railtrack in administration; and what the monthly rate is of pre-tax loss after interest and depreciation. [33999]

Mr. Spellar

This is a matter for the administrator.

Mr. John Taylor

To ask the Secretary of State for Transport, Local Government and the Regions how much profit Railtrack declared shortly after being put into administration. [34429]

Mr. Spellar

Railtrack Group plc's interim report and accounts for the six months to 30 September 2001 reported an accounting pre-tax profit of £292 million. Nevertheless, it is entirely possible for a company to make a profit and yet be unable to pay its debts. The evidence presented to, and accepted by, the High Court on 7 October showed that Railtrack plc was, or was likely to soon be, unable to pay its debts. It was open to Railtrack to oppose administration. They chose not to do so.