asked the Secretary of State for Trade what loans there are outstanding to Iran, at reduced or nil rates of interest, stating the capital involved and the total loss of interest to date; whether he now proposes to insist that the loans be repaid; and whether he will make a statement.
There are no Government loans outstanding to Iran. There are outstanding loans to Iran made by banks in the United Kingdom and guaranteed by the Export Credits Guarantee Department in respect of specific export contracts; these loans bear interest at the fixed export rates applicable under the international consensus on export credit. It is not normal practice to publish figures in respect of ECGD's business in individual markets for reasons of commercial confidentiality. Any action in respect of the repayment of loans will be taken in accordance with the terms and conditions of the loans and of ECGD's guarantees to the lending banks.