HC Deb 10 February 1966 vol 724 c142W
Mr. Stratton Mills

asked the Chancellor of the Exchequer what is the percentage of the Post Office Savings Bank Fund held in War Loan and in other securities for which no redemption date has been fixed.

Mr. MacDermot

3.5 per cent. and 5.9 per cent., respectively, on the basis of market values.

Mr. Stratton Mills

asked the Chancellor of the Exchequer (1) if he will state the original cost of securities held for and on behalf of the Post Office Savings Bank Fund, and their value as at 31st December, 1965, or the nearest most convenient date;

(2) if he will state the total sum written off the capital value of the Post Office Savings Bank Fund, and indicate how this is calculated.

Mr. MacDermot

The accounts are not in a form which can provide all the information in precisely the way sought by the hon. Member. The original cost of securities still held is not available. Nor is there specific provision for writing off capital, though part of the surplus of the Fund is re-invested as a general provision against depreciation in the value of securities. There is of course a Consolidated Fund guarantee to meet the claims of all depositors. The main relevant figures at 31st December, 1965 were—

£ million
Nominal value of securities held 2046.6
Book value 1856.9
Market value 1662.7
Liabilities to depositors 1821.7 (estimated)