4. Where an interest payment as defined in paragraph 1 is made to an entity or a legal arrangement referred to in Article 4(2) or credited to an account held by such entity or legal arrangement, it shall be deemed to accrue to an individual referred to in Article 2(4).

3. The assessment of creditworthiness shall not rely predominantly on the value of the residential immovable property exceeding the amount of the credit or the assumption that the residential immovable property will increase in value unless the purpose of the credit agreement is to construct or renovate the residential immovable property.

Mr. Herron (Fundy Royal), seconded by Mrs. Wayne (Saint John), moved, That, in the opinion of this House, the government should actively develop an innovative National Shipbuilding Policy which focuses on making ship yards internationally competitive by providing tax incentives and construction financing comparable to what is being provided elsewhere in the world and which ensures reasonable access to foreign markets, particularly the United States of America; and should recognize that such a policy would not provide direct subsidies, but create alternatives methods of support to ensure the growth of the industry (Private Members' Busin ...[+++]ess M-214) Debate arose thereon.

That, in the opinion of this House, the government should actively develop an innovative National Shipbuilding Policy which focuses on making ship yards internationally competitive by providing tax incentives and construction financing comparable to what is being provided elsewhere in the world and which ensures reasonable access to foreign markets, particularly the United States of America; and should recognize that such a policy would not provide direct subsidies, but create alternatives methods of support to ensure the growth of the industry.

—on making shipyards internationally competitive by providing tax incentives and construction financing comparable to what is being provided elsewhere in the world and which ensures reasonable access to foreign markets, particularly the United States of America; and should recognize that such a policy would not provide direct subsidies, but create alternative methods of support to ensure the growth of the industry.

The UK notification covers the following aid schemes that were previously approved under the Seventh Directive: A. Concerning operating aid a) Shipbuilding Intervention Fund : Contract related direct production aid to yards in the form of grants. b) Shipbuilders' Relief : Grants amounting to 2% of the contract price covering reimbursement of duties applicable to hydrocarbon oil and vehicle excise licenses, where such costs enter into the costs of constructing, fitting out and equipping the vessel. c) Home Credit and Export Credit Guar ...[+++]antees : Indirect production aid by credit facilities for UK shipowners and foreign shipowners at 80% of eligible ship costs over 8.5 years at 7 1/2% interest rate net of charges, equal to 8% gross.