HC Deb 24 July 1974 vol 877 cc503-5W
Mr. Baker

asked the Chancellor of the Exchequer if he will list all outstanding foreign loans to each of the nationalised

Amount borrowed Sterling equivalent at the date of the borrowing
(millions) (£m. ) Lender
British Gas Corporation … … … DM.100* 10.4 Issue of Bearer Bonds
DM.200 20.8 Issue of Bearer Bonds
SW Fr. 75 7.3 Banque Gutzwiller Kurz Bungener SA Geneva
SW Fr.150 14.4 Meadow Holdings Inc
SW Fr.100 9.6 Meadow Holdings Inc
DM.42 4.8 Meadow Holdings Inc
SW Fr.200 20.1 Three Swiss Banks
U.S. $20 8.1 Bank of Tokyo
U.S. $30 12.4 Bank of Tokyo and Sumitomo Trust
U.S. $250 107.4 Group of Banks
British Steel Corporation … … U.S. $22* 14.7 European Investment Bank
Belg. Fr.475
U.S. $50* 23.0 Issue of Bearer Bonds
US.$13.6 14.7 European Investment Bank
Belg. Fr.191
D Fls.13
£4.7
U.S.$150 62.6 Issue of Bearer Debenture
Electricity Council … … … DM.150 21.1 Issue of Bearer Bonds
DM.50
DM.100 Issue of Bearer Bonds
DM.25.1 15.4 Dresdner Bank
DM.10 Dresdner Bank
SW Fr. 200 23.2 Swiss Bank Corporation
SW Fr.100 12.5 Union Bank of Switzerland
SW Fr.25 3.1 Union Bank of Switzerland
U.S. $1,000 394.3 Consortium of Banks
U.S. $500 214.0 Consortium of Banks
U.S. $100 41.7 Issue of Bearer Debenture
National Coal Board … … … U.S. $50 20.4 Issue of Bearer Bonds
U.S.$15 6.2 Bank of Tokyo and Yasuda Trust and Banking Company
North of Scotland Hydro-Electric Board EUA 8 3.3 Issue of Bonds
U.S. $25 10.1 Issue of a Bearer Debenture
U.S.$12.5 5.7 Manufacturers Hanover Trust Company
U.S.$15 6.2 European Investment Bank

industries showing in respect of each loan the lender, the amount borrowed in sterling and the foreign currency concerned, the period of the loan, the nature of any Treasury guarantee including exchange rates, the date for repayment and, where possible, the rate of interest being paid.

Mr. Dell

pursuant to his reply [23rd July 1974], gave the following information:

Loans raised by each nationalised industry for domestic use prior to 30th June 1974 are listed below.

Amount borrowed Sterling equivalent at the date of the borrowing Lender
(millions) (£m. )
Post Office … … … … … U.S.$100 206.8 First National City Bank
U.S.$100 Bank of America NT and SA
U.S. $100 Chase Manhattan Bank NA
U.S. $100 Manufacturers Hanover Trust Co.
U.S. $100 Morgan Guaranty Trust Co. of of New York
U.S.$100 42.4 Issue of Bearer Debentures
U.S. $25 10.3 First National City Bank
U.S.$I00 41.1 Issue of Bearer Debentures
U.S. $50 20.8 Bank of America NT and SA
U.S. $50 20.9 Commerz Bank International S.A. Luxembourg
U.S. $50 20.9 Manufacturers Hanover Trust Company
South of Scotland Electricity Board … DM.100 13.3 Issue of Bearer Bonds
U.S. $20 8.1 Bank of Tokyo
U.S. $30 12.4 Chase Manhatton Bank NA
U.S. $20 8.6 Bank of Tokyo and Banque Europeinne de Tokyo SA
U.S. $50 21.6 Chase Manhatton Bank NA
All these loans are guaranteed as to principal and interest by the Treasury. Except those marked* they are also all covered by the Treasury's exchange cover scheme whereby the borrower may buy from the Exchange Equalisation Account the currency to service the borrowings at the rate at which they originally sold the proceeds of the borrowing.
The terms on which these loans were raised are matters for the borrowers and lenders.