§ 56. Sir C. Osborneasked the Chancellor of the Exchequer on what terms the $3,000 million International Bank loan has been renewed; for how long it will run; if it will have to be renewed again; what it is costing per annum; and if he will make a statement.
§ Mr. CallaghanI would refer the hon. Member to the Answers given to the hon. Member for Newcastle-upon-Tyne, East (Mr. Rhodes) on Thursday, 11th February, 1965, and to the hon. Member 57W for Chelmsford (Mr. St. John-Stevas) on Tuesday, 22nd December, 1964.
§ 60. Mr. Cooperasked the Chancellor of the Exchequer in what part of his Financial Statement costs involved in the $3,000 million standby credit will be shown.
§ Mr. CallaghanThese cost are, in the main, met from the reserves, which are held in the Exchange Equalisation Account. They involve no direct charge on the Exchequer. If, however, drawings were made under the line of credit with the U.S. Export-Import Bank, the interest would be payable from the Consolidated Fund and the sterling equivalent of this would be included in the Financial Statement as part of the interest on the National Debt.
§ 61. Mr. Cooperasked the Chancellor of the Exchequer what is the cost to the balance of payments of the $3,000 million standby credit for the year ending 4th April, 1965; and what is the estimated cost for the year 1965–66.
§ Mr. CallaghanI would refer the hon. Member to the reply given to the hon. Member for Twickenham (Mr. Gresham Cooke) on 8th December, 1964.