§ Mr. GibbTo ask the Chancellor of the Exchequer which currencies, in which proportions, will be bought with the proceeds of the recently announced sale of part of the United Kingdom's gold reserves. [84086]
§ Ms HewittThe proceeds of the gold sales will be invested in foreign currencies broadly following the current holding of the net reserves.
§ Mr. GibbTo ask the Chancellor of the Exchequer for what reason he has decided to sell almost 60 per cent. of the United Kingdom's gold reserves; and if he will make a statement. [84087]
§ Mr. LoughtonTo ask the Chancellor of the Exchequer what are the long-term objectives of his proposals to reduce the Bank of England's gold reserves. [84287]
§ Ms Hewitt[holding answer 14 May 1999]: The aim of this prudent restructuring of the UK's reserve holdings, involving the auctioning of gold, is to achieve a better balance in the portfolio by increasing the proportion held in currency.
§ Mr. GibbTo ask the Chancellor of the Exchequer what was the value(a) in sterling and (b) as a percentage of total foreign reserves, of the gold reserves held in March by each of the G8 countries. [84083]
283W
§ Mr. LoughtonTo ask the Chancellor of the Exchequer if he will list the amounts of gold reserves held by(a) each of the EU countries, (b) the Government of the US and (c) the Government of Japan. [84310]
§ Ms Hewitt[holding answer 14 May 1999]: Figures on the gold holdings of other countries can be found in the IMF's International Financial Statistics.
§ Mr. LoughtonTo ask the Chancellor of the Exchequer what proportion of national gold reserves he plans to sell before the end of 1999. [84284]
§ Ms Hewitt[holding answer 14 May 1999]: It is intended to sell 125 tonnes of gold in the current financial year, which represents less than a fifth of the UK's official gold holdings. Three of the five auctions will be held before the end of the calendar year.
§ Mr. LoughtonTo ask the Chancellor of the Exchequer what advice he was given by the Governor of the Bank of England regarding his proposed sale of national gold reserves. [84281]
284W
§ Ms Hewitt[holding answer 14 May 1999]: The Bank of England provided technical advice on the portfolio risks associated with gold and other assets, and on the various possible techniques for selling gold.
§ Mr. LoughtonTo ask the Chancellor of the Exchequer what deadline he has set by which his proposed sales of national gold reserves will be completed. [84283]
§ Ms Hewitt[holding answer 14 May 1999]: Over the medium term the Government are planning to reduce their gold holdings to around 300 tonnes. Detailed plans for auctions in 2000–01 and later years will be announced nearer the time.
§ Mr. LoughtonTo ask the Chancellor of the Exchequer what discussions he has held with finance ministers in other countries who have declared their intentions to sell national gold reserves. [84288]
§ Ms Hewitt[holding answer 14 May 1999]: The Chancellor regularly meets his ministerial colleagues from other countries to discuss a wide range of issues.