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Sheffield Forgemasters: Loans

Volume 508: debated on Tuesday 23 March 2010

To ask the Minister of State, Department for Business, Innovation and Skills what rate of interest will be charged on the £80 million loan to Sheffield Forgemasters announced on 17 March 2010; what the repayment period is of the loan; what guarantee his Department sought from Sheffield Forgemasters in respect of that loan; and whether the European Commission has approved that loan under state aid rules. (323742)

The offer of conditional support to SFIL is in the form of a £80 million direct loan. Although the key heads of the deal have been agreed some details will not be finalised until after commercial due-diligence is completed and European Commission approval has been granted.