§ Lord Kennetasked Her Majesty's Government:
Whether they received any money from Japan as a contribution to the United Kingdom taxpayers' costs in relation to action in the Gulf, and if so in what currency was the original commitment expressed, and if it was in "dollar equivalent" whether less was received than anticipated, and if so whether they have, as the United States Government has, required it to be paid at the rate of exchange prevailing at the time the money was pledged rather than the rate of exchange at the time the money was paid.
§ The Minister of State, Department of Transport (Lord Brabazon of Tara)The UK has received two payments, in yen, towards its Gulf costs from the Japanese Government's Gulf Peace Fund; the first on 18th January this year was in respect of a commitment for US dollars 50 million (some £25 million), the second on 2nd April in respect of US dollars 300 million (some £158 million). Although the Japanese commitments to the UK were announced as US dollar commitments. the Japanese Government also stipulated at the time that they were to be paid at their government accounting rate of one US dollar equals yen 130. The two payments received were thus for an amount in yen equivalent to the dollar commitment at this accounting rate.