§ Mr. Grylls
asked the Secretary of State for Industry on what date he agreed to subordinate the £4.2 million loan under section 8 of the Industry Act 1972, to Triumph Motorcycles (Meriden) Limited, to all other creditors; and when he expects the company to start paying interest on the loan.
§ Mr. Les Huckfield
The subordination of the Government loan was part of the arrangements for assisting this company which my right hon. Friend announced to the House on 7 February 1977 and which were put into effect on 2 May in that year. The company paid the first instalment of interest on the loan which fell due at end-June 1976. Payment of interest falling due between 31 December254W 1976 and 31 December 1978, both dates inclusive, was deferred under the arrangements announced on 7 February 1977. The company is due to resume interest payments on 30 June of this year.