Railtrack

Transport, Local Government and the Regions written question – answered on 6th November 2001.

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Photo of John Redwood John Redwood Conservative, Wokingham

To ask the Secretary of State for Transport, Local Government and the Regions when he will make a statement on the amount of Government money available for (a) Railtrack in administration and (b) the successor Railtrack company for the next three years.

Photo of John Spellar John Spellar Minister of State (Department of Transport, Local Government and Regions) (Transport)

I refer the right hon. Member to the reply from my right hon. Friend the Secretary of State to my hon. Friend Lawrie Quinn on 17 October 2001, Hansard, column 1230W.

The successor company to Railtrack would be entitled to receive network grants to the profile and amounts set out in the Rail Regulator's October 2000 Periodic Review and the 2 April agreement between Railtrack and Government.

The Government propose that a company limited by guarantee be established to succeed Railtrack. We would expect to put in place an arrangement by which the company could access a standby, subordinated loan facility. For details on this loan facility, I refer the right hon. Member to the reply given by my right hon. Friend the Secretary of State to my hon. Friend Mr. Hendrick on 23 October 2001, Hansard, column 195W.

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