§ Chris GraylingTo ask the Secretary of State for Transport, Local Government and the Regions what the legal status of the financial guarantees by the Government to the Railtrack administrator will be if administration lasts beyond 30 September. [55710]
§ Mr. JamiesonThe Government's guarantee of Railtrack plc's commercial borrowing will continue in full force and effect until all guaranteed borrowing has been repaid. Under the terms of the commercial loan agreement Railtrack plc's commercial borrowing must be repaid no later than 23 September 2002.
§ Chris GraylingTo ask the Secretary of State for Transport, Local Government and the Regions if he estimates that the target to end Railtrack administration by the end of July will be met. [55712]
§ Mr. JamiesonNetwork Rail said at the time of making a bid for Railtrack plc that, if accepted, Railtrack could be released from administration by the end of July. Network Rail has not indicated that its timetable has changed. My right hon. Friend the Secretary of State has repeatedly said that this is a challenging time scale.