HC Deb 21 March 1978 vol 946 cc534-6W
Mr. Wrigglesworth

asked the Secretary of State for Foreign and Commonwealth Affairs what progress has been made in completing the transfer of the proceeds of blocked bank accounts held by United Kingdom national in Egypt, provided for by the Anglo/Egyptian Exchange of Notes of 15th March 1973.

Mr. Judd

Of the sum of £E1,500,000 transferable through the special British embassy account under the 1973 agreement the sterling equivalent of £E1,049,000 has so far been paid out to the account holders concerned. The Egyptian Government informed the embassy last year that Egyptian pounds used for embassy expenditure could henceforth be purchased at a favourable "parallel market" rate of exchange, offering a saving in sterling costs of some 40 per cent. as compared with the official rate of exchange hitherto used for embassy transactions and accordingly for sterling transfers to blocked bank account holders.

To avoid an unacceptable loss to public funds it has been decided that the maximum use possible must be made of this favourable rate of exchange and all remaining payments to be made to account holders — totalling some £E450,000—will therefore be converted at the parallel market rate. Blocked account holders partaking in this scheme are being informed of this decision and are being given the option of accepting payment at the parallel market rate or of leaving their funds unused in Egypt, pending a possible renegotiation of the

Company Location
British Leyland Ltd.* … … … … Workington, Cumbria
Newcastle
British Tanners Products Ltd.* … … … … Ulverston, Cumbria
P. R. Chapman (Sub-Sea Surveys) Ltd. … … … … Barrow-in-Furness
Hivent Ltd. … … … … Washington, Co. Durham
Jerguson Tress Gauge and Valve Co. Ltd.† … … … … Newcastle
Keland Electrics Ltd … … … … Blaydon-on-Tyne
North-East Audio Ltd … … … … Newcastle
Rolls-Royce Ltd.* … … … … Sunderland, Co. Durham
Tress Engineering Ltd.† … … … … Newcastle.
Vicort of London Ltd. … … … … Newcastle.
Companies marked * also have plants in other regions.
Companies marked † are constituents of Fairey Engineering Holdings Ltd., which has plants in other regions.

Mr. George Grant

asked the Secretary of State for Industry how many applications the National Enterprise Board has received for support in the Northern Region.

Mr. Les Huckfield

This is a matter for the Board.

Mr. George Grant

asked the Secretary of State for Industry if he is satisfied with the success of the activities of the National Enterprise Board in the Northern Region.

Mr. Les Huckfield

The Board now has thriving interests at 10 separate loca-

1973 agreement with the Egyptian Government.