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Jerzy Kolodziej
Posted on 24 Jul 2014 12:22 pm

Baroness Warsi's answer does not sit well with the contents of a leaked memo from the FCO that was published some time ago with reference to the loan guarantee. The Deputy Director of the OT's stated "It is not realistic for TCIG to comply with the FCO’s borrowing limits by the end of the fiscal year 2015/16"

There is nothing to suggest that either the FCO, DFID or TCIG do not still hold this view. Indeed, the debt repayment schedule and the consequential determination of the loan guarantee is generally considered to be unrealistic. Therefore, the answer to Lord Ashcroft's question seems to fall short of fully answering the question and neglects to outline the real and present danger that the guarantee may yet be exercised.

On this basis it appears likely that the administration will not be able to meet it's administrative expenses and the provisions of s. 8 of the West Indies Act 1962 must be reconsidered by the Secretary of State.

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