§ Lord BARNBYasked Her Majesty's Government:
What amount of foreign currency loans contracted during the last four years by British companies and public bodies attract the British Government guarantee on exchange rate, and what, at the current rate for sterling, would represent the total monetary deficiency liability.
1256WA
§ Lord JACQUESThe exchange cover scheme applies only to the United Kingdom public sector, not to private companies. Borrowing under the scheme during the period April 1972 to April 1976 was equivalent to some 7 billion dollars. This represents a sterling liability of £3.8 billion at current exchange rates compared with a liability of £3.1 billion if exchange rates in force at the time of the drawdown of the individual loans are used.
House adjourned at eighteen minutes before eight o'clock.