§ 64. Mr. Bruce-Gardyne
asked the Chancellor of the Exchequer whether any part of the $1,400 million standby credit is to be allocated to the repayment of 87W the central bank swaps; and whether the International Monetary Fund's vetting procedures will continue to apply until this part of the standby is reconstituted.
§ Mr. Roy Jenkins
There are existing undertakings to the effect that within certain limits drawing rights in the Fund will either be maintained to match drawings under some of our earlier Central Bank facilities or, if necessary, used to repay them. Whether those drawing rights will in fact have to be used for this purpose can only be decided later. Our commitments to consult with the International Monetary Fund were contained in the Letter of Intent of 23rd November which has been published.