§ Mr. HancockTo ask the Secretary of State for Trade and Industry how much public subsidy has been given to British Energy(a) to cover cash shortfall for unexpected maintenance works and (b) for other reasons; how much interest is repayable; and when she expects the money to be repaid. [150213]
§ Mr. TimmsThe credit facility is a loan facility to British Energy that must be repaid by the company under the terms of the restructuring plan. It has been provided in respect of only the company's working capital requirements and cash collateral for its trading activities. A commercial rate of interest of 1 per cent. over the London Interbank Offered Rate (LIBOR) is chargeable on amounts drawn for working capital, and a fee of 1 per cent. per annum on amounts drawn for cash collateral. The maximum amount available under the facility was £650 million but now stands at £200 million. As I said in my reply to my hon. Friend the Member for East Lothian (Anne Picking) on 14 January 2004,Official Report, column 780W, British Energy have repaid all outstanding amounts under the credit facility.