HC Deb 13 April 1978 vol 947 cc505-6W
Mr. Burden

asked the Chancellor of the Exchequer what has been the total amount of foreign borrowings by Her Majesty's Government, excluding loans from Canada and the United States of America, since 1st March 1974; what repayments had been made by 28th February 1978; and how much was paid in interest and in which currencies in the year ended 31st December 1977.

Mr. Robert Sheldon

The total amount of foreign currency borrowing by Her Majesty's Government since 1st March 1974, is $8.55 billion, with non-dollar borrowings valued at exchange rates prevailing when the loans were drawn. There was no foreign currency borrowing by Her Majesty's Government from Canada or the United States of America during this period. Details of the loans in question are set out below:

Loans Drawing Amount $ million
Eurodollar Syndicated Credit 1974–75 2,500
Eurodollar Syndicated Credit 1977 1,500
IMF Drawings:
Oil Facility 1976 1,174
First Credit Tranche 1976 806
Drawings on $3.9 billion Standby 1977 1,894
Foreign Currency Bond to official sterling holders 1977 679

By 28th February 1978 there were no repayments made or due on these loans, though on 26th January my right hon. Friend had announced to the House the

and in aggregate would be to redeem these stocks at par.

Mr. Denzil Davies

The following table gives the present market value and par value of the approximate amounts outstanding of undated Government stocks. Of these stocks only 3½ per cent. War Loan and 3½ per cent. Conversion Loan have their origins in stock issued in war time.

Government's intention of repaying early $1 billion to the IMF.

In the year ended 31st December 1977 interest payments on these loans amounted in total to the equivalent of $400 million valued at exchange rates prevailing on 31st December 1977. The major part of thesce payments were made in United States dollars, but some payments were also made in SDR.