Central Bank Credit Facilities

HC Deb 11 February 1965 vol 706 cc134-6W

Mr. Rhodes

asked the Chancellor of the Exchequer if he will now make a further statement about the $3,000 million Central Bank credits.

Mr. Callaghan

The Bank of England announced yesterday that those of the Central Bank credit facilities made available last November which are shortly due to expire would be replaced by new facilities, drawings under which would fall for repayment within the ensuing three months. Thus until the end of May the total of the facilities available will be the same as under the original arrangements made last November—namely, $3,000 million—in which all the same participants share as before.

The Government intend to apply at the appropriate time for a drawing from the International Monetary Fund to refinance any sums drawn on this credit still outstanding at the end of the period.