The Department wrote to us to explain that ACE was now responsible for managing £252 million in loans.16 Although the take-up of loan funding was lower than the Department originally predicted, it forms part of the £92 billion total of COVID-19 loans across all of Government.17 Sir Damon Buffini explained that the loans had a 20 year term, with a low interest rate and no repayments for two to four years.18 We asked ACE about its responsibility for managing a loan book of this size and potential complexity, given it had 6 Q 27, 28, 39 7 Qq 22, 39 8 Qq 25, 41 9 Q 31 10 Q 39 11 Q 25 12 Q 47 13 Q 68 14 Qq 50, 51 15 Q 39 16 Department for Digital, Culture, Media and Sport submission page 1, para 3 17 Qq 33, 72; C&AG’s Report, COVID-19 cost tracker (as updated 17 May 2021, available at www.nao.org.uk/ covid-19/cost-tracker) 18 Q 38 10 COVID 19: Culture Recovery Fund not previously had to manage a loan book on this scale. ACE told us it was working closely with the Department and HM Treasury to ensure it met the Government’s standards. It acknowledged it needed extra skills and said it was recruiting specialists who would be permanent appointments.19