§ Mr. Sackvilleasked the Secretary of State for Foreign and Commonwealth Affairs what progress is being made in implementing the Foreign Compensation (Union of Soviet Socialist Republics) (Distribution) Order.
§ Mr. EggarExcellent progress is being made. Of the 4,582 bond claims submitted to the Foreign Compensation Commission 3,265 (71.3 per cent.) had already been registered by 9 October; 304 claims (6.6 per cent.) had been withdrawn by the claimants; 204 claims (4.5 per cent.) had been refused registration because the claims did not meet the terms of the order and 810 claims (17.7 per cent.) remained to be registered (or rejected). Of the 2,308 property claims, 1,667 claims had been matched against claims on the register of Russian claims; 641 claims are currently unmatched, although some of these could turn out to be valid.
As a result my right hon. and learned Friend the Secretary of State has directed that the Foreign Compensation Commission should on 30 October make an interim payment of 10 per cent. of the value assigned to a bond to all persons whose claim in respect of a bond 477W had been registered on 9 October and that a like payment should be made as soon as possible thereafter to those whose claims in respect of bonds were registered after 9 October. This is the most substantial interim payment ever made by the Foreign Compensation Commission.
Evaluation of property claims, where the Commission must exercise its judicial discretion, is more complex. But the Commission is making every effort to expedite the process with the objective of making a final payment to all claimants in 1989.
Loans Nominal value of bond Payment (a) Foreign Public Loans 6 per cent. State Mortgage Loan 1892 Gold Francs 500 French Francs 35 5 per cent. Bulgarian State Gold Loan 1902 Gold Francs 500 French Francs 35 5 per cent. Bulgarian State Gold Loan 1904 Gold Francs 500 French Francs 35 4½ Bulgarian State Gold Loan 1907 Gold Francs 500 French Francs 35 4½ Bulgarian State Gold Loan 1909 Gold Francs 500 French Francs 35 6½ Bulgarian State Loan 1923 Franch Francs 500 French Francs 35 7 per cent. Settlement Loan 1926 Sterling issue Pounds Sterling 100 Pounds Sterling 40 US dollar issue US dollars 500 US dollars 35 7½ Stabilisation Loan 1928 Sterling issue Pounds Sterling 100 Pounds Sterling 40 US dollar issue US dollars 500 US dollars 35 French issue Poincaré Francs 2,500 French Francs 175 (b) Foreign Public Guaranteed Loans 5 per cent. Bulgarian Loan 1896 Gold Francs 500 French Francs 35 5 per cent. Loan Municipality of Sofia 1906 Gold Francs 500 French Francs 35 5 per cent. Loan Municiipality of Varna 1907 Gold Francs 500 French Francs 35 4½ Loan Municpality of Sofia 1910 and so in proportion for bonds of other denominations. Gold Francs 500 French Francs 35 Copies of the offer and the appropriate form of acceptance may be obtained from the paying agent: National Westminster Bank plc, Stock Office Services, National Westminster House, Station Way, Crawley, West Sussex RH 10 1JE.
The offer remains open for acceptance until 15 October 1989.