HC Deb 02 November 1992 vol 213 cc35-6W
Ms. Harman

To ask the Chancellor of the Exchequer what is the current value in sterling of the 10 billion ecu loan and what it was on 14 September.

1991–92 1992–93
Grade Number (average staff inpost) Cost (actual) £ Number (average staff' in post) Cost (estimate) £
Grade 3 1.00 59,822 1.00 60,083
Grade 5 3.00 138,875 3.00 147,873
Grade 7 9.00 309,141 9.50 322,231
Insolvency A 0.75 20,625
Senior Executive Officer 5.00 123,705 3.50 96,506
Higher Executive Officer 6.25 133,261 8.00 173,184
Executive Officer 3.50 59,208 3.00 51,861
Administrative Officer 4.00 57,340 4.00 54,144
Administrative Assistant 7.25 81,824 7.00 67,571
Senior Personal Secretary 1.00 16,414 1.00 18,334
Personal Secretary 3.00 50,183 3.00 43,125
Typist 1.25 14,117 2.00 22,908
Total 45.00 1,064,514 45.00 1,057,820

Mr. Nelson

The Government announced on 3 September their intention to borrow an amount equivalent to 10 billion ecu in foreign currencies. Five billion ecu equivalent of the announced borrowing was drawn down in the revolving credit facility in September, with the remaining 5 billion ecu to be raised subsequently.

The value in sterling at 4 pm on 29 October of 5 billion ecu was £4.06 billion. The value in sterling on 14 September was £3.59 billion. However, the sterling value when the borrowing comes to be repaid will depend on the sterling exchange rate at that time.