Appendix A: Capital Measures (Continued)
Innovation, Industry, Science and Research
Howe Leather — loan
| 2010‑11 | 2011‑12 | 2012‑13 | 2013‑14 | 2014-15 | |
|---|---|---|---|---|---|
| Department of Innovation, Industry, Science and Research |
- | - | - | - | - |
| Related revenue ($m) | |||||
| Department of Innovation, Industry, Science and Research |
- | - | 2.2 | 1.9 | 1.7 |
The Government will provide a loan of $25.0 million to Howe and Company Proprietary Limited and its parent company Howe Automotive Limited (collectively Howe Leather). The loan is to be fully repaid over ten years with annual interest and principal payments. The provision of the loan is conditional upon Howe Leather repaying two existing loans to the Government, involving principal repayments totalling $30.7 million and an interest payment of approximately $2.0 million.
The Government previously provided Howe Leather with a $25.0 million loan in 1996, followed by an additional $13.7 million loan in 2000 as part of the company's exclusion from the automotive and textile, clothing and footwear industry support schemes. The existing loans are to be repaid by February 2012.
The provision of loans from the Budget and their repayment affect only the composition of Government assets and as such this loan component has no impact on the fiscal balance. Forecast loan interest payments will have a positive impact on fiscal balance of $5.8 million over the forward estimates.
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