§ Mr. FatchettTo ask the Chancellor of the Exchequer what was the original value of Iraqi assets sequestrated in United Kingdom banks as a result of the Gulf conflict; what is the current value of those assets; and if he will make a statement. [6600]
§ Mrs. Angela KnightSequestrated Iraqi assets are not deposited in the United Kingdom. However, the Bank of England advises that the value of Iraqi funds sequestrated in accordance with Security Council resolution 778 was $736,938.12 made up of $672,553.43 plus accrued interest of $64,384.69.
§ Mr. FatchettTo ask the Chancellor of the Exchequer in which United Kingdom banks Iraqi assets sequestrated as a result of the Gulf conflict are deposited; and if he will make a statement. [6601]
§ Mrs. KnightBanks in the United Kingdom do not hold any sequestrated Iraqi assets. As required by the provisions of Security Council resolution 778—adopted on 2 October 1992—concerning the temporary sequestration of certain Iraqi assets, all funds representing the proceeds of the sale of Iraqi petroleum or petroleum products, paid for on or after 6 August 1990, have been transferred to the United Nations' escrow account provided for in Security Council resolutions 706 and 712, which were adopted on 15 August and 19 September 199 I respectively. Funds in the escrow account are available for meeting the costs of compensation arising out of the Gulf war and costs of UN activities and humanitarian relief.