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Scottish Special Housing Association (Loan)

Volume 128: debated on Thursday 25 February 1988

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To ask the Secretary of State for Scotland, pursuant to the reply on 22 February to the hon. Member for East Kilbride, if he will give the loss sustained by the Scottish Special Housing Association on the 183-day loan for £16 million advanced on 30 June 1987; and if he will make a statement.

The Scottish Special Housing Association incurred interest charges of £742,000 on the short-term loan of £16 million advanced from the National Loans Fund on 30 June 1987. Since these charges were incurred without adequate provision in the association's estimates, the association's financial regulations require that they should be shown as a financial loss.