§ Mr. Grylls
asked the Chancellor of the Exchequer what is the total amount of foreign currency borrowings now outstanding by the nationalised industries. the Post Office and the local authorities, respectively; how much of this borrowing carries a guarantee by the Government against exchange loss on repayment; and what would be the cost of implementing the guarantee if all such loans were to be repaid now.
§ Mr. Robert Sheldon
, pursuant to his reply [Official Report, 7th June 1976; Vol. 912, c. 555], gave the following information:
I assume the question relates to foreign currency borrowings raised by nationalised industries and local authorities for domestic purposes. Following is the information about total foreign currency borrowings outstanding and the amounts which are covered against exchange loss on repayment as at end-May 1976.
EEA of such premature repayment would therefore be very difficult.
The loans in the second column are currently—end-May 1976—equivalent to £4.4 billion, compared with £3.2 billion when the individual loans were negotiated.