§ Mr. Hamlingasked the Chancellor of the Exchequer by what authority his Department exercises control over loans made by the Bank of England to central banks in foreign countries.
§ Mr. Roy JenkinsRelations between the Treasury and the Bank of England are ultimately determined by the Bank of England Act, 1946. My approval would naturally be sought for any major international transaction, but it is not my Department's practice to intervene in the many day-to-day banking operations of the Bank of England with other central banks.