I think that I can give him the reassurance that he needs about excessive loans. The Secretary of State is empowered only to lend money to the successor company from the national loans fund while it remains wholly Government owned. That is merely a contingency measure in case privatisation is delayed. I hope that I can also reassure the hon. Gentleman by saying that it will be a condition of any such loans that they are repaid in full before privatisation. I think that that answers the hon. Gentleman's point.