§ Mr. Martenasked the Chancellor of the Exchequer if he will list the overseas borrowings which have to be repaid at the rate of $2.40 to the £ sterling.
§ Mr. Robert SheldonI assume the hon. Member is interested in public sector foreign currency borrowing under the exchange cover scheme, whereby the Exchange Equalisation Account has undertaken to provide foreign currency for servicing and maturity payments at an exchange rate of or in excess of $2.40. Since the exchange cover scheme was introduced in 1969, the exchange rate was generally at or above $2.40 to the pound during the following periods
279WEnd December 1969—end May 1970Mid-January 1971—end October 1972Mid-February 1973—beginning November 1973End April 1974—end May 1974Mid-February 1975—end March 1975The amount of foreign currency borrowing under the exchange cover scheme during those periods and still outstanding is equivalent to some $2.4 billion. Lists of borrowing up to end-September 1976 were placed in the House of Commons Library on 14th October 1975, 19th March 1976, 10th June 1976 and 11th October 1976.