Explanatory note

This Order extinguishes, on 29th March 1996, all of Railtrack plc’s liabilities in respect of the principal of the loans set out in the Schedule to the Order. The sum of the liabilities so extinguished totals £1,229,418,952.48.

The loans in question were made to the British Railways Board (“the Board”) under section 20 of the Transport Act 1962 (c. 46), and were paid out of the National Loans Fund. The Board’s liability to repay these loans was transferred to, and vested in, Railtrack plc on 1st April 1994 by a transfer scheme, dated 30th March 1994, made under section 85 of the Railways Act 1993.