§ Sir Peter TapsellTo ask the Chancellor of the Exchequer how, and under whose authority, the London gold bullion market is supervised; and what reporting requirements exist in gold bullion trades to prevent the manipulation of the gold market. [97394]
§ Miss Melanie Johnson[holding answer 8 November 1999]: The London bullion market is regulated by the Financial Services Authority in accordance with the principles of the London Code of Conduct. The Code sets out general standards of behaviour and conduct, and appropriate systems and controls, for market participants to adopt when transacting business in gold. The Code also sets out procedures to be followed should there be complaints about non-compliance.
§ Sir Peter TapsellTo ask the Chancellor of the Exchequer what procedure was followed to sell gold from Britain's reserves. [97395]
§ Miss Melanie Johnson[holding answer 8 November 1999]: As announced on 7 May 1999 the sale of part of the United Kingdom's gold holdings will be through a programme of five auctions in 1999–2000. The Information Memorandum, issued by the Bank of England on behalf of HM Treasury, details the arrangements and terms and conditions for the auctions in 1999–2000.
§ Sir Peter TapsellTo ask the Chancellor of the Exchequer what are the official gold reserves expressed in tonnes of(a) Germany, (b) France and (c) Italy; and what will be the gold reserves expressed in tonnes of the United Kingdom after the completion of the gold sales programme announced on 7 May. [97396]
§ Miss Melanie Johnson[holding answer 8 November 1999]: Figures on the gold holdings of other countries can be found in the IMF's International Financial Statistics. Over the medium term the Government are planning to reduce their gold holdings to around 300 tonnes.
§ Sir Peter TapsellTo ask the Chancellor of the Exchequer if the United Kingdom would continue to(a) own and (b) control its gold reserves if Britain were to join the single European currency after January 2002. [97393]
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§ Miss Melanie Johnson[holding answer 8 November 1999]: If the United Kingdom joined stage 3 of Economic and Monetary Union the provisions of Article 31 of the Statute of the European System of Central Banks (Protocol No. 3 to the EU Treaty) would apply.
§ Sir Peter TapsellTo ask the Chancellor of the Exchequer what consultation took place with other Governments and central banks prior to the announcement on 7 May about the sale of the United Kingdom's gold reserve. [97397]
§ Miss Melanie Johnson[holding answer 8 November 1999]: I refer the hon. Member to the answer given to the right hon. Member for Horsham (Mr. Maude) on 13 July 1999, Official Report, column 184.