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Ussr (Credit Facilities)

Volume 886: debated on Thursday 20 February 1975

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asked the Secretary of State for Trade if the interest rates for credit facilities arranged when in Moscow for purchases from the United Kingdom are lower than, equal to, or higher than the rates of interest that the United Kingdom is paying on the loan from Persia.

It is not normal practice for the interest rates included in credit agreements of this nature to be published. The rates and facilities we have offered to the USSR necessarily reflect those made available by other industrial countries competing with us for export business in the Soviet Union. The rates payable on international loans raised by the United Kingdom—such as the Iranian loan—must reflect the rates payable at the time by other borrowers in the international market. It is thus not realistic to compare the two sets of rates.