Transport written question – answered on 22nd October 2008.
To ask the Secretary of State for Transport how much debt was owed by the Humber Bridge Board in each year between 1982 and 2008; and what the rate of interest charged each year was.
holding answer
Figures for debt outstanding are as follows:
Debt outstanding (£ million) | |
1982 | 151.0 |
1983 | 168.5 |
1984 | 188.1 |
1985 | 210.0 |
1986 | 234.4 |
1987 | 261.6 |
1988 | 292.0 |
1989 | 326.0 |
1990 | 363.8 |
1991 | 406.1 |
1992 | 453.3 |
1993 | 453.3 |
1994 | 453.3 |
1995 | 453.3 |
1996 | 453.3 |
1997 | 453.3 |
1998 | 359.3 |
1999 | 354.3 |
2000 | 349.0 |
2001 | 349.0 |
2002 | 349.0 |
2003 | 341.6 |
2004 | 337.0 |
2005 | 335.6 |
2006 | 334.4 |
2007 | 333.4 |
2008 | 332.8 |
Prior to 1998, debt was due to both the Public Works Loan Board and to the Secretary of State. It has not been possible, in the time available, to establish the rates that applied in all years up to 1998, but in 1998 the effective rate was 11.62 per cent.
Under the provisions of the Humber Bridge (Debts) Order 1998, the Government agreed to repay loans outstanding with the Public Works Loan Board amounting to £62 million. Interest on the remaining loan of £359.307 million was fixed at 7.75 per cent. p.a. with interest charges being suspended on £240 million of the debt.
In June 2007, the debt was restructured to give the effect of applying an interest rate of 4.25 per cent. to the whole of the outstanding debt.
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