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Eurotunnel

Volume 124: debated on Monday 7 December 1987

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To ask the Chancellor of the Exchequer if, pursuant to his reply of 6 November, OfficialReport, column 908, regarding the contractual arrangements for the European investment bank loan to Eurotunnel, in his capacity as director of the bank, he regards the equity issue as having been successfully completed for the purpose of conclusion of contractual arrangements for the loan; and if he will make a statement.

This is a matter for the European investment bank (of which my right hon. Friend the Chancellor of the Exchequer is a governor, not a director). I understand that the bank considers that the condition regarding the raising of £750 million in equity capital has now been fulfilled.

To ask the Chancellor of the Exchequer, pursuant to the reply of 6 November, in his capacity as director of the European investment bank, if a decision has now been made on the portion of the European investment bank loan of £1,000 million to Eurotunnel which will be guaranteed by each of the United Kingdom clearing banks; and if he will make a statement.

I understand that the European investment bank has still not made a decision on which banks should guarantee the £1,000 million loan to Eurotunnel. My right hon. Friend the Chancellor of the Exchequer is a governor, not a director, of the bank.