Does the Minister have plans to reduce the current 8 percent interest rates currently applied to the Welsh Rugby Union regions' COVID loans, given that the UK Government COVID loans to the English Premiership are fixed at a 2 percent interest rate?
Answered by Deputy Minister for Arts, Sport and Tourism | Answered on 20/12/2023
The Welsh Government has no loan arrangement with any of the Welsh regional rugby clubs. The Welsh Government was approached by the WRU to buy out their UK Government CLBILS loan to help with the affordability of repayments. The loan agreement reflects standard commercial terms and conditions and was agreed by both parties. There are no plans to change the loan agreement.