asked the Economic Secretary to the Treasury whether he has any statement to make with regard to the capital requirements of the North of Scotland Hydro-Electric Board.
Yes. The Board have proposed a further issue of stock for the purpose of repaying temporary advances from the Scottish Banks, of defraying further expenditure on constructional schemes and for other authorised purposes. These proposals have been approved and accordingly the Board issued on Thursday, 12th May, to the National Debt Commissioners, under Treasury guarantee, £10 million of North of Scotland Electricity 3 per cent. Guaranteed Stock 1989–1992 at par. The effect of this issue is to increase the outstanding capital of the Board to £27 million.