Royal Mail: Finance

Business, Enterprise and Regulatory Reform written question – answered on 4 March 2009.

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Photo of Stephen Byers Stephen Byers Labour, North Tyneside

To ask the Minister of State, Department for Business, Enterprise and Regulatory Reform how much of the £1.2 billion loan made by the Government to Royal Mail has been spent; when the loan was expected to be taken up; when the full amount of the loan will have been taken up; and if he will make a statement.

Photo of Pat McFadden Pat McFadden Minister of State (Department for Business, Enterprise and Regulatory Reform) (Employment Relations and Postal Affairs), Member, Labour Party National Executive Committee

holding answer 3 March 2009

Royal Mail has spent or committed £600 million on modernisation so far and is expected to draw down the full £1.2 billion loan facilities Government have made available over the next two years, to assist with implementation of their existing transformation plan.

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