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Meriden Motor Cycle Co-Operative

Volume 986: debated on Thursday 19 June 1980

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asked the Secretary of State for Industry what is the latest aggregate cost to public funds of interest and principal overdue unpaid on loans to the Meriden Motor Cycle Co-operative; and what are now his intentions regarding the recovery of this money.

Interest totalling £1·468 million on the Government loan of £4·2 million has accumulated and is overdue for payment. The Government intend to get the best return they can from their financial involvement with this company. It has not been appropriate so far to institute legal proceedings.