§ 67. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer if he will state the amount of sterling balances to be released to members of the European Payments Union under Article 39 of the Agreement of 7th July, 1950.
§ Sir S. CrippsThe total amount of sterling balances which could be used under paragraph 39 is of the order of £200 million. The actual amount so used will depend on the extent to which the holders are in deficit with the Union and will certainly be very much less. Any such use of sterling balances is covered by the Economic Co-operation Administration's guarantee to us against gold losses.