§ Mr. HigginsTo ask the Chancellor of the Exchequer if he will list Government stocks which have sinking funds and are likely to be redeemed ahead of the final date for repayment; and whether he is obliged to redeem such stocks as soon as the sinking fund is sufficient to repay them.
§ Mr. Lawson[holding answer 20 February 1989]: There are two United Kingdom Government securities with sinking funds:
3½ per cent. conversion loan (denominated in sterling); and Fifteen year 8 7/8 per cent. Bonds due 1993 (denominated in $ US).In addition, guaranteed 4½ per cent. Bonds and Irish Free State 4½ Land Bonds, have a Government guarantee and sinking funds.
Terms and conditions of these securities are set out in their prospectuses. It is not the Government's practice to comment on any discretion the prospectus may afford.