To ask the Chancellor of the Exchequer, further to his answer of 13 March, Official Report, column 160, to whom the European investment bank loan was made.

The European investment bank loan, referred to in my reply of 13 March, was made to Eurotunnel Finance SA and Eurotunnel Finance Ltd.

To ask the Chancellor of the Exchequer whether European investment bank loans which are not repaid can be written off against tax as bad debts.

The European investment bank is exempted from all direct United Kingdom taxes by virtue of articles 3 and 22 of the protocol on the privileges and immunities of the European Communities. The question of relief for bad debts does not therefore arise.