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Lear Fan Ltd

Volume 81: debated on Monday 24 June 1985

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asked the Secretary of State for Northern Ireland if he will make a statement about the implications of the decision of Lear Fan Ltd. to cease trading.

[pursuant to his reply, 3 June 1985, c. 85–86]: I can confirm that at 28 May 1984, $4·79 million was still to be provided by the Government under the 1982 financial assistance agreement. As a result of the company's decision to cease trading, the Government were released from this commitment. I am now informed that the following payments were made by the Government.

£ million
Funding prior to September 198225·32
Under the September 1982 agreement17·37
Non-selective assistance1·25
Ulster Investment Bank guarantee11·82
The total investment by Her Majesty's Government has therefore been £55·76 million, not £56·28 million as stated earlier.In addition, the Government will make some payments to the receiver to enable him to secure the company's assets.