The Automotive Assistance programme (AAP) was set up to provide loan guarantees, and in exceptional cases, loans. On 18 September 2009, the Department announced the offer of a £10 million loan to Tata Motors European Technical Centre to support £25 million of investment in the Coventry area. However, the company was subsequently successful in accessing financial support elsewhere.
On 12 March 2010, we announced a conditional offer of €300 million (£270 million) loan guarantee to GM Europe which will help secure the company’s operations in Britain and the rest of Europe.
On 18 March 2010, we announced the Government’s willingness to provide £360 million in loan guarantees under the AAP towards six projects at Ford’s research and development centre at Dunton in Essex and its manufacturing plants in Dagenham, Southampton and Bridgend in South Wales, supporting a proposed loan from the European Investment Bank.