§ Mr. Teddy TaylorTo ask the Chancellor of the Exchequer if he will list the companies in which the Bank of England purchased equity capital since 1970; and if he will list the sums expended on each of such purchases.
§ Mr. Lilley[holding answer 16 November 1987]: Prior to the recent share purchase arrangements in relation to partly paid shares in British Petroleum Company plc, the only occasion when the issue department of the Bank of England has purchased equity capital since 1970 was in January 1975 when the issue department bought 77,817,507 British Petroleum ordinary stock units from the Burmah Oil Company Ltd. for a consideration of some £179 million as part of financial support arrangements for Burmah.
Purchases of equity capital by the banking department of the Bank of England over the same period are a matter for the Bank of England. Principal holdings of equity share capital and investments in subsidiary companies are, however, set out in the bank's annual reports and accounts which have been laid before the House.