§ Mr. Bruce-Gardyneasked the Chancellor of the Exchequer if he will make a statement about the progress and outcome of the discussions with other interested Governments regarding the second and subsequent implementations of exchange rate guarantees under the Basle Agreements; and what has been the cost of implementing these guarantees to United Kingdom currency reserves to date.
§ Mr. NottThe details of these discussions are a confidential matter between the Governments concerned. Payments 189W made to implement the guarantee under the Sterling Agreements so far total approximately £17 million. These payments are made in sterling and not from the United Kingdom's foreign currency reserves.