§ Mr. Soamesasked the Chancellor of the Exchequer what is the liability to Her Majesty's Government of the dollar loans guaranteed by Her Majesty's Treasury for British Airways; and at what exchange rate they were so guaranteed.
§ Mr. Peter Rees[pursuant to his reply, Friday 24 February 1984, c. 646]: 'The total amount of British Airways borrowings outstanding under the public sector exchange cover scheme as at mid-February 1984 was $1,053.6 million. The exchange rates at which the individual loans are guaranteed vary between $1.72 and $2.41 and reflect the particular date at which each borrowing was drawn down. The borrowings form part of the official foreign currency borrowing programme which is undertaken for Government purposes and in support of the reserves. For British Airways, and any other nationalised industry participating in this official scheme, these borrowings are in effect sterling loans with the interest payable being related to normal United Kingdom public sector rates.