HC Deb 19 November 1931 vol 259 cc1037-8W

asked the Chancellor of the Exchequer (1) what have been the rates of interest and commission paid on the Treasury and Bank of England credits raised in Paris and New York for the support of the sterling exchange; and what capital losses have been incurred in the repayment of a portion of the Bank of England credits owing to the devaluation of sterling;

(2) whether the losses incurred in. the recent part-repayment of the Bank of England credit for the support of the sterling exchange are being borne by the Bank of England itself or by the Treasury; and, if the latter, whether a Supplementary Estimate will be presented giving full details of the transaction?


I am not pre pared to add to the information already published on the subject of these credits. Until the whole of the credits have been repaid, it would not serve the public interest to give details of particular transactions. If any loss should ultimately arise on the repayment of the Bank of England credit, it would be treated as part of the expenses of the Issue Department of the Bank for the purpose of determining the profits of that Department which are payable to the Treasury under Section 6 of the Currency and Bank Notes Act, 1928. The answer to the last part of the second question is in the negative.

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