§ Mrs. BeckettTo ask the Chancellor of the Exchequer (1) how much of the 10 billion ecu loan arranged in September 1992 has been repaid; and what was the sterling value of that amount which has been repaid on the basis of exchange rates(a) at the time the loan was arranged, (b) immediately after the devaluation of September 1992 and (c) at the time it was repaid;
(2) how much of the 10 billion ecu loan arranged in September 1992 has been repaid; and what was the sterling value of that amount which remains outstanding on the basis of exchange rates (a) at the time the loan was arranged, (b) immediately after the devaluation of September 1992 and (c) at current exchange rates;
(3) how much of the 10 billion ecu loan arranged in September 1992 has been drawn down; and what was the sterling value of that amount (a) when the loan was arranged, (b) immediately after the devaluation of September 1992 and (c) on the basis of current exchange rates;
(4) what was the sterling value of the 10 billion ecu loan facility arranged in September 1992 (a) when it was arranged in September 1992, (b) after the devaluation of September 1992 and (c) at current exchange rates.
§ Mr. NelsonThe 10 billion ecu borrowing programme, announced on 3 September 1992, had three elements: an ecu 5 billion multi-currency revolving credit facility, arranged and drawn down in deutschmarks in various amounts over the month of September 1992; a DM 5 billion bond issued in October 1992; and a US$ 3 billion bond issued in December 1992.
The actual amount of the multi-currency drawing was DM 9,944,550,000. The sterling value of this facility when it was arranged—3 September 1992—was equivalent to £3,554,798,928, and at end-September 1992 was equivalent to £3,962,761,506. The same sum in deutschmarks was the equivalent of £3,936,564,801 at the exchange rate as at the close of business in London on 23 November 1993.
DM 5 billion as at end October 1992 was equivalent to £2,073,656,271 and, on present valuation as defined above, was equivalent to £1,979,257,383. US$ 3 billion as at end December 1992 was equivalent to £1,980,198,020 and, on present valuation as defined above, was equivalent to £2,025,931,929. None of this borrowing has been repaid.