HC Deb 09 June 1975 vol 893 cc71-4W
Mr. Stonehouse

asked the Chancellor of the Exchequer if he will list in the Official Report the details of the overseas loans to United Kingdom authorities, including nationalised industries and local authorities, contracted since February 1970, and specify which loans

Borrower Amount (million)
Local Authorities:
Birmingham … … … … … U.S. dollars … 50
Swiss francs … 31*
Bristol … … … … … U.S. dollars … 15
U.S. dollars … 34
Coventry … … … … … U.S. dollars … 25
U.S. dollars … 20
Dundee … … … … … U.S. dollars … 25
Edinburgh … … … … … U.S. dollars … 25
Glasgow … … … … … U.S. dollars … 75
U.S. dollars … 200
Local Authorities (continued):
Kent and Essex … … … … … U.S. dollars … 9.8†
£ sterling … 2…8†
Lanark … … … … … U.S. dollars … 30
Lancashire … … … … … U.S. dollars … 30
Liverpool … … … … … U.S. dollars … 40
Corporation of London … … … … … U.S. dollars … 35
Greater London Council … … … … … Swiss francs … 104…1
U.S. dollars … 25
U.S. dollars … 10
Swiss francs … 200*
U.S. dollars … 500
Manchester … … … … … U.S. dollars … 50
Nottingham … … … … … U.S. dollars … 25
Teesside … … … … … U.S. dollars … 25
Statutory Corporations:
National Coal Board … … … … … U.S. dollars … 50
U.S. dollars … 15
U.S. dollars … 5.6*
U.S. dollars … 10
U.S. dollars … 15*
£ sterling … 1.7
Deutsche marks … 25
U.S. dollars … 40.2
U.S. dollars … 23.5
U.S. dollars … 12
U.S. dollars … 46.5

include a provision for a guaranteed exchange rate for sterling against other currencies; and if he will estimate the additional cost of such loans implied by the devaluation of the pound since the loans were contracted.

Mr. Dell

I assume that the question refers to overseas loans by public sector bodies for domestic purposes for which an exchange cover guarantee is currently made available provided that the terms of the borrowing are acceptable. The cost to the Exchequer, if any, of exchange cover cannot be estimated now, as it will depend upon the exchange rate between the foreign currency and sterling at the time of repayment, and upon the movement of interest rates during the life of loans. Following is the information on overseas borrowings by public sector bodies for domestic purposes from February 1970 to 31st May 1975:

Borrower Amount (million)
Electricity Council … … … Deutsche marks … 100
Deutsche marks … 35.1
Swiss francs … 200*
Swiss francs … 125*
U.S. dollars … 1,000
U.S. dollars … 500
U.S. dollars … 100
U.S. dollars … 25.1†
Deutsche marks … 10†
£ sterling … 3.1†
U.S. dollars … 11.3†
Deutsche marks … 8.8†
£ sterling … 1.6†
South of Scotland Electricity Board … … … Deutsche marks … 100*
U.S. dollars … 20
U.S. dollars … 30
U.S. dollars … 20
U.S. dollars … 50
U.S. dollars … 100
U.S. dollars … 26.4†
Deutsche marks … 8.8†
Dutch florins … 4.5†
£ sterling … 2.3†
Statutory Corporations (continued):
North of Scotland Hydro-Electric Board … … … U.S. dollars … 25
U.S. dollars … 12.5
U.S. dollars … 15†
£ sterling … 4.2†
British Gas Corporation/Gas Council … … … Swiss francs … 75
Swiss francs … 150
Swiss francs … 100†
Deutsche marks … 42†
Swiss francs … 200
U.S. dollars … 20
U.S. dollars … 30
U.S. dollars … 250
Post Office … … … U.S. dollars … 500
U.S. dollars … 100
U.S. dollars … 25
U.S. dollars … 100
U.S. dollars … 150
U.S. dollars … 125
British Steel Corporation … … … U.S. dollars … 22*†
Belgian francs … 475†
U.S. dollars … 50*
U.S. dollars … 13.6†
Belgian francs … 191†*
Dutch florins … 13†
£ sterling … 4.7†
U.S. dollars … 150*
U.S. dollars … 21*
U.S. dollars … 23*
U.S. dollars … 200
U.S. dollars … 11.2†*
£ sterling … 3.2†
U.S. dollars … 22.3†*
£ sterling … 2.4†
U.S. dollars … 54*
U.S. dollars … 26
National Water Council … … … U.S. dollars … 400

Notes:

1. Except those marked * all these loans are covered by the Treasury's exchange cover scheme.

2. Loans marked t are single borrowings in the mixture of currencies indicated.