Lenders

Yesterday's NAO report on the BBC's commercial operations reminded us of the existence of BBC Commercial Holdings. This body decides what to do with Auntie's non-licence fee income, sometimes agreeing to loan back contributions from BBC Worldwide, particularly when (at present) that's a cheaper way of borrowing money than going to market.

It seems to have had a shake-up at the end of last year - somehow, it had developed 125,789,934 £1 shares - I can't find who held them. Now that's been reduced to £50,000 in authorised share capital. The company also has two new non-executive directors - step forward old BBC trusties Sir Howard Stringer and Dharmash Mistry.

According to the NAO, BBC Commercial Holdings has borrowings of £201 million, against a DCMS limit of £350m. It has loaned £198m back to BBC Worldwide and £53m back to BBC Global News.