House of Lords written statement – made am ar 14 Hydref 2013.
On
The Departmental minute laid today is in respect of an extension to the period whereby Government act as guarantor on behalf of Historic Royal Palaces (HRP) for a borrowing facility of up to £4 million to meet short-term cash flow requirements.
The renewed guarantee will be available until
The guarantee provides a safeguard protecting HRP’s business from a sudden and serious decline in economic conditions affecting HRP’s admissions income until the savings from their planned rationalisation measures could come through, and would only be used in extreme circumstances. The guarantee has been in place since 2002 and it has never yet been called upon.
Historic Royal Palaces is a charity established by Royal Charter. By virtue of a contract entered into on
The document has been placed in the Libraries of both Houses.