§ Mr. Arthur Lewisasked the Chancellor of the Exchequer whether he will give details concerning the repayment to the Swiss banks of the £44 million for the 450 million Swiss francs borrowed just prior to devaluation; by how much in excess of the original borrowing the repayments have risen as a result of devaluation; what was the total interest paid; and to what extent these repayments were drawn from the Basle credit at the Bank for International Settlements.
§ Mr. Roy JenkinsThis loan was taken and repaid in Swiss francs. Its sterling equivalent at the market rate of exchange was £37.2 million at the time it was taken and £43.8 million at the time it was repaid. The difference of £6.6 million was due mainly to devaluation but also to a small extent to variations in the market rate of exchange within the permitted limits. The total amount of interest paid was 24.4 million Swiss francs; the sterling equivalent of this was £2 million at the time the loan was taken but was increased by devaluation to £2.25 million. The repayment was made out of the reserves and was not drawn from the Basle credit at the Bank for International Settlements.