HC Deb 13 May 1970 vol 801 cc298-9W
Mr. Kenneth Baker

asked the Chancellor of the Exchequer what was the net medium- and short-term overseas debt position at the end of each quarter from 31st March, 1964 to 31st March, 1970, expressed in sterling and United States dollars broken down into the following categories, namely, all items in Table 3 of the Financial Statement and Budget Report 1970–71, borrowings from the Deutsche Bundesbank, the Ex-ImBank, and under the German Offset Agreement, the United Kingdom official reserves, and the loss of the dollar portfolio.

Mr. Roy Jenkins:

(a) Table 3 of the Financial Statement and Budget Report 1970–71 gives levels of short and medium term borrowing from the I.M.F. and other monetary authorities quarterly from

UNITED KINGDOM SHORT AND MEDIUM-TERM BORROWING*
1964 1965
Outstanding at end of
March June September December March June September December
$million 15 200 1,605 2,083 3,012 3,523 3,283
£ million. 5 71 573 744 1,075 1,258 1,172
* As defined in Table 3 of the 1970–71 Financial Statement and Budget Report.

(b) The loans from the Deutsche Bundesbank, the E-Im Bank and under the German Offset Agreement are of a different character. Quarterly levels outstanding to end-December, 1969, were given to the hon. Member on 4th March, 1970. There was no change in the first quarter of 1970.

(c) Monthly levels of United Kingdom official reserves are given in Financial Statistics (Table 85).

(d) The United Kingdom Government dollar portfolio was transferred to the official reserves in two stages, in the 1st quarter of 1966 and the fourth quarter of 1967. The amounts are shown in Economic Trends (Table 9, March, 1970, edition).— [Vol. 797, c. 129–30.]

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