§ Mr. Lawson
asked the Chancellor of the Exchequer what has been the take-up by the official holders of sterling of the option to convert their holdings into negotiable medium-term foreign currency bonds, announced by the Chancellor of the Exchequer on 11th January as a means of achieving an orderly reduction in the rôle of sterling as a reserve currency.
§ Mr. Robert Sheldon
The discussions with official sterling holders about the proposed offer to them of foreign currency bonds have not yet been concluded, nor have the final terms of the bonds been fixed by Her Majesty's Government. As the Chancellor has indicated, he will provide the House with further information after the discussions have been concluded and the foreign currency bonds have been issued.