The National Assembly for Wales announced on 6 November 2007 that it was to pay off the outstanding loan of £13.5 million from HSBC and also increase the annual funding. From April 2008, the National Assembly for Wales have given a grant to the Wales Millennium Centre with £3.5 million per annum for 3 years. This would only repay the capital debt and not any ongoing operating loss as the organisation remains profitable. The money used to pay the debt came from unallocated funds from the Assembly's previous budget and it was said by the Minister for Heritage, Rhodri Glyn Thomas, that the new money allocation would not come at the expense of other art projects from other parts of Wales.