§ Mr. RiddickTo ask the Chancellor of the Exchequer if he will make a statement on the Government's European currency unit Treasury bill programme.
§ Mr. RyderThe programme has now reached a total outstanding of 3 billion ecu and we have been able to issue bills at one, three and six-month maturities on very fine terms. In view of this success and the unsatisfied demand which still exists, particularly at longer maturities, we shall be issuing an additional 100 million ecu of six-month bills each month from the April tender. This means an increase in the programme to a total of 3.6 billion ecu of bills outstanding by September—helping to develop the private ecu market in London and demonstrating the practical contribution the United Kingdom is making to greater economic and monetary integration in Europe.