Am I right in thinking that the £6 million left over in the temporary borrowings fund plus the interest will come to be paid? Would the Minister like to say if the £6 million will have to be paid over a period or in one sum?
Transport Bill, 1985: Committee and Final Stages.
No. It will be a matter for CIE to discharge that debt as they can.
And the interest as it accrues as well?
Interest will accrue each year and there will be a schedule of payment. It will be a reducing balance and there will be reducing interest payments as the balance of principal reduces.
In a case like that involving £30 million, have CIE any facility with regard to interest rates? Will they be charged the full commercial interest rate on their loan?
They negotiate their own loans but as a major industrial operation they get favourable interest rates.
Perhaps the Minister would let the House know where this will be shown by CIE in their accounts at the end of each year during the ten-year period. Will the £3 million grant being given to CIE each year to pay off the principal be shown in a separate part of CIE's accounts or will it be incorporated in the general accounting system?
It will be shown separately and above the line.