§ Mr. Dan Jonesasked the Chancellor of the Exchequer how much foreign currency has been loaned to Her Majesty's Government; and if he can make an estimate of the amount of foreign currency loaned to banks and other financial institutions in the United Kingdom.
§ Mr. DellAt end-March 1975, the outstanding amount of Her Majesty's Government. foreign currency borrowing—including the $2.5 billion loan from the clearing banks—totalled some £2,817 million.
United Kingdom banks' net foreign currency borrowing from overseas amounted 72W to some £3,525 million at the end of December 1974, the latest date for which figures are available. This total mainly comprises borrowing for on-lending to other United Kingdom residents. It includes lending to Her Majesty's Government under the $2.5 billion loan facility—part of the figure of £2,817 million given above—as well as loans to other public sector bodies under the exchange cover scheme and net lending to the private sector.