§ Sir C. Osborneasked the Chancellor of the Exchequer (1) what amount of the short-term debt has been repaid in the last three months; how much remains to be repaid; when it is due for repayment; and what rate of interest it is carrying;
(2) from what main sources the £1,000 million overseas borrowings were made during the past year; when they are due for repayment; what interest they carry; and if there is an option to redeem them before the final date.
§ Mr. CallaghanTwo drawings were made from the International Monetary Fund; the equivalent of £357 million in December 1964 and of £500 million in May 1965. Both drawings were accompanied by parallel Swiss credits equivalent to £28 million and £14 million respectively. The December 1964 drawing is repayable within 3 years, and that of May 1965 within 3 to 5 years of the date of drawing. The basis on which the I.M.F. charges for the use of its resources is set out in International Financial Statistics, a copy of which is available in the Library. The drawings can be repaid at any time.
As is known, at the end of the second quarter this year £129 million was outstanding under the reciprocal swap arrangement with the Federal Reserve Bank of New York. Further short-term assistance was taken in July and August. There were repayments in September and October. It is not customary to disclose the terms of such arrangements nor to give at this time figures of transactions since June.