Q61 Mr Bacon: Am I to understand from that the total cost of the debt would have been £3.35 billion had it not been for the fact that the private funding was used?
Mr Rowlands: I am not sure that is right.
Q62 Mr Bacon: I am subtracting £450 million from £3.8 million. Is that right?
Mr Davies: No. One is the size of the original debt, which is £3.8 billion, the extra cost of£450 million is the extra interest charge over 30 years.
Q63 Mr Bacon: Right. If you roll it all up, my question was not what is the total debt but what is the total cost of the debt? Can you give me an answer to my question?
Mr Rowlands: We will have to give you a note on that.3
Mr Davies: We can give you a note on that.4
Q64 Mr Bacon: You have come to this Committee to talk about financing of London Underground and you do not know the answer to how much is the total cost of the debt.
Mr Rowlands: No.
Q65 Mr Bacon: Do you really not have that?
Mr Rowlands: Not off the top of my head.
Q66 Mr Bacon: Why not?
Mr Rowlands: I am sorry, I did not come with the figure.
Q67 Mr Bacon: Is it not pretty obvious. It says here the extra cost of the debt, the extra cost of the private debt rather than the public debt, is £450 million.
Mr Rowlands: Yes.
Q68 Mr Bacon: To arrive at that figure you must be able to compare one figure with another and say the difference between the two is £450 million. That is what the Report says. I am asking you what are the figures, the difference between them being £450 million.
Mr Rowlands: I do not have those figures in my head.
Q69 Mr Bacon: Does the National Audit Office?
Ms Leahy: We set out the amount of total debts per Infraco and the extra costs of the debt per year and we have worked out the total discounted value of the extra interest. I do not think we added up, you know, the year by year figures.
Q70 Mr Bacon: I am hesitant about the phrase "you know" because if I knew I would not ask you the question.
Ms Leahy: I think we could give you a reasonable approximate value at the moment in the sense that the discounted value of the total deal over 30 years is £15.7 billion and a very large part of that is the debt. It would not be very dissimilar but I do not have the exact figure here. We did not look at it year by year, the extra cost per year, and as I say we did actually aggregate the extra cost over the whole 30 years. I do not think we did that for the particular debt figures.
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