§ 53. Mr. George Jegerasked the Chancellor of the Exchequer how many applications for the export of money to Spain for the purpose of buying houses have been granted during the past year; what was the total amount; and what plans he has for the prevention of this drain on sterling.
§ Mr. MacDermotFrom 1st January, 1964, to 3rd April, 1964, there were approved 74 applications for official exchange on health grounds totaling212W £306,770 and 151 applications for the use of so-called "property currency" totalling £683,613. Since 6th April, purchases have had to be made either with investment currency or by purchase for sterling from another resident. Neither method involves the net export of money to Spain or constitutes a drain on the official reserves. From that date to 15th December, 1,206 such applications have been approved totalling £3,626,618.