§ Ms. HarmanTo 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.
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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. NelsonThe 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.