§ Mr. Tebbitasked the Chancellor of the Exchequer what is the total amount of loans, deposits and other transactions concerning which Her Majesty's Government have given undertakings, assurances or guarantees of the value of sterling against other currencies; what is the 103W nature of such guarantees, assurances or undertakings and to whom they have been given; and what is the Government's present liability based upon the current exchange value of sterling.
§ Mr. Robert SheldonThe only such guarantees that Her Majesty's Government have given are those for foreign currency borrowing by United Kingdom public sector bodies under the exchange cover scheme. Under this scheme, the proceeds of any foreign currency borrowing by the United Kingdom public sector are sold to the Exchange Equalisation Account in exchange for sterling at the exchange rates then prevailing. The EEA undertakes to provide foreign currency for the service and repayment of such borrowing at the same rate of exchange,
Borrower Amount (million) March 1976 … … … British Steel Corporation … … … U.S. $92.39 British Steel Corporation … … … Dutch florin 30.00 Post Office … … … U.S. $18.955 D.Mk29.9 Yen 785.0 Electricity Council … … … U.S. $49.0 National Water Council … … … U.S. $10.3 D.Mk 13.2 Dutch florin 3.8 Yen 125.0 National Water Council … … … U.S. $4.4 D.Mk 5.9 Yen 55.0 £0.3 April 1976 … … … … Electricity Council … … … Dutch florin 98.7 Post Office … … … D.Mk 300.0 British Steel Corporation … … … Dutch florin 6.93 British Steel Corporation … … … Dutch florin 30.0 Electricity Council … … … U.S. $295.0 May 1976 … … … … Electricity Council … … … U.S. $20.0 British Gas Corporation … … … U.S. $14.3 Swiss francs 7.1 Dutch florin 21.2 D.Mk 16.4 British Steel Corporation … … … U.S. $107.4 National Coal Board … … … U.S. $9.2 Post Office … … … D.Mk 50.0 National Coal Board … … … U.S. $49.8