HC Deb 13 July 1992 vol 211 c420W
Mr. Beggs

To ask the Chancellor of the Exchequer what is the total of Iraqi funds currently blocked in the United Kingdom.

Mr. Nelson

The total sum of Iraqi assets held by United Kingdom banks is estimated to be £580 million.

Mr. Beggs

To ask the Chancellor of the Exchequer what steps are being taken to release blocked Iraqi funds in order to settle the claims of creditors who conducted legitimate business in Iraq prior to Iraq's invasion of Kuwait.

Mr. Nelson

Any company who conducted legitimate business in Iraq prior to 4 August 1990 and is owed money, should apply to the Bank of England for permission for payment to be made. The bank will normally grant permission in these circumstances. However, the request for payment also has to be made by the Iraqi entity involved, and we have no powers to compel them to make such an approach.