§ Lord BARNBY
asked Her Majesty's Government:
What is the total overseas borrowing by public authorities and any other agencies which attract exchange guarantee and what is the total guarantee liability thereon at present.
§ Lord JACQUES
I assume the noble Lord is interested in foreign currency borrowing by nationalised industries, local authorities and Government agencies under the exchange cover scheme whereby the Exchange Equalisation Account provides foreign currency for servicing payments at the same rates of exchange that were in force when the various loans were drawn down. At rates of exchange on 1st November, the outstanding amount 647WA of these loans was equivalent to some £5.6 billion, compared with £4.1 billion when the individual loans were drawn down.