HL Deb 24 March 1993 vol 544 c15WA
Lord Ashley of Stoke

asked Her Majesty's Government:

What is their current estimate of the losses incurred in their support of the pound immediately prior to Wednesday 16th September 1992.

The Earl of Caithness

The gain or loss arising from intervention in support of a currency cannot be calculated unambiguously. To arrive at such an estimate, among other factors, it would be necessary to look backwards to the exchange rates at which the foreign currency was acquired and the rates at which any offsetting transactions (the reacquisition of foreign currency) are made.