Written question asked by Michael Fallon (Conservative) on Thursday, 8 July 1999, in the House of Commons. It was due for an answer on Monday, 26 July 1999. It was answered by Ian McCartney (Labour) on Monday, 26 July 1999 on behalf of the Department of Trade and Industry.

Dept of Trade and Industry

Question: To ask the Secretary of State for Trade and Industry, pursuant to his Answer of 25th June, Official Report, column 474, on Parcelforce, if the loans to Parcelforce have been repaid; and if they are repayable at commercial rates of interest. - (Holding answer 13 July 1999).

Answer: Mr. Fallon: To ask the Secretary of State for Trade and Industry, pursuant to his answer of 25 June 1999, Official Report, column 474, on Parcelforce, if the loans to Parcelforce have been repaid; and if they are repayable at commercial rates of interest. [91178] Mr. Ian McCartney: [holding answer 13 July 1999]: The loans to Parcelforce from the Post Office Group Centre have not been repaid. It is Post Office normal practice to charge its constituent businesses, including Parcelforce, interest at a commercial rate on their in-year funding requirements. As Parcelforce is not a legal entity and therefore has no share capital, other loans to Parcelforce from the Post Office Group Centre are treated within the Post Office Group as a surrogate for equity and, as such, do not carry an obligation for interest payments.

Secondary information