§ Mr. Teddy TaylorTo ask the Chancellor of the Exchequer on how many occasions since 1975 the Bank of England has underwritten the issue of equity by public companies; and if he will list the companies involved.
§ Mr. Lilley[holding answer 16 November 1987]: The Bank of England confirms that since 1975 the bank has underwritten the issue of equity by public companies on one occasion only. This was in 1984 when the Bank of England agreed to purchase any of the 415 million shares in British Telecommunications plc provisionally allocated for offerings in the United States, Canada and Japan that were not sold. The bank's 1985 report noted that in the event the overseas offerings were fully taken up and the bank was not required to purchase shares.