§ Mr. Litterickasked the Chancellor of the Exchequer what is his Department's estimate of the cost to the Treasury of interest charges to be paid until their maturity dates on the Government securities sold during the last two weeks.
§ Mr. Denzil Davies, pursuant to his reply [Official Report, 8 March 1979; Vol. 963, c. 774], gave the following in formation:
In accordance with the prospectus dated 16 February 1979, £500 million of 13.1/4 per cent. Exchequer Stock 1987, and £800 million of 13.3/4 Treasury stock 2000–2003 were issued on 22 February 1979. First interest payments fall due on 22 July, £21,571,000, and on 25 July, £38,101,600. Thereafter, annual interest payments on the two stocks amount to £176,250,000 until January 1987, and then £110 million is payable annually until the second stock matures in 2000–2003. In addition, in accordance with invitations to tender issued on 23 February and 2 March 1979, £600 million Treasury Bills were issued in the two weeks ending 9 March 1979, the amount of discount allowed being £18,099,985. In addition tap Treasury bills, certificates of tax deposit, and securities issued through the 838W director of savings were on sale during the period but details of the amounts sold and the interest payable thereon are not yet available.