HC Deb 03 November 1976 vol 918 c592W
Mr. David Mitchell

asked the Chancellor of the Exchequer what additional amounts of sterling will be called for from Her Majesty's Government in order to cover guarantees given to nationalised industries, local government and Government agencies which have loans or borrowings in foreign currencies if at the time of repayment the £ sterling has the same value in foreign exchanges as on 14th October 1976.

Mr. Robert Sheldon

I assume that the hon. Member is interested in foreign currency borrowing by nationalised industries, local government and Government agencies under the exchange cover scheme whereby the Exchange Equalisation Account provides foreign currency for servicing payments at the same rates of exchange that were in force when the various loans were drawn down. At rates of exchange on 14th October the out standing amount of these loans was equivalent to some £5.4 billion, compared with £4.1 billion when the individual loans were drawn down.