§ Mr. Skeetasked the Chancellor of the Exchequer what is the size of the Eurodollar and Eurobond market in Western Europe; and how much business is transacted through London.
§ Mr. NottAccording to estimates prepared by the Bank for International Settlements, the net size of the Eurocurrency market in Europe was 71 billion dollars at the end of 1971, including 54 billion dollars in United States dollars. Further estimates suggest that the market increased to over 90 billion dollars in 1972. United Kingdom banks account for approximately half the business of the market.
New issues in the Eurobond market totalled over 6 billion dollars in 1972, some 10–15 per cent. of the subscriptions being arranged by United Kingdom sponsors.