§ Mr. Trotterasked the Chancellor of the Exchequer why the claim against the Bank of England by Burmah Oil in respect of shares in that company transferred to the Bank was not referred to in the Bank's last audited accounts, in as much as such a reference would be in accordance with the requirements of the Companies Act and standard accounting practice; and what was the amount of the claim.
§ Mr. Joel BarnettI presume that the hon. Member is referring to the BP Ordinary Stock purchased by the Bank of England from the Burmah Oil Company in January 1975. This stock now forms part of the assets of the Issue Department. The statement of balances of the Issue Department referred to in 265W my hon. Friend's reply of 1st November records in simple form the assets and liabilities of the fiduciary note issue. The requirements of the Companies Acts and the Statements of Standard Accounting Practice do not apply. A writ seeking, primarily, restitution of the stock at the price originally paid for it was served on the Bank on 6th October, after the date to which the statement of balances relates.