HC Deb 10 May 2000 vol 349 cc425-6W
Mr. Robertson

To ask the Chancellor of the Exchequer by how much the United Kingdom's reserves have been reduced in value since the decision in July 1999 to sell gold and purchase euros, due to the fall in the value of that currency; and if he will make a statement. [121200]

Mr. Nicholas Winterton

To ask the Chancellor of the Exchequer what has been the net change in the value of the United Kingdom's reserves as a result of his decision to sell gold and buy euros. [121452]

Mr. Bercow

To ask the Chancellor of the Exchequer if he will make a statement on the financial consequences to date of exchanging UK gold bullion reserves for Euros. [121498]

Miss Melanie Johnson

The UK's programme of gold sales were part of a prudent medium term programme to restructure the reserves which aims to achieve a better balance in the Government's portfolio. There will be times when currencies depreciate and times when they appreciate. Having a diversified portfolio avoids being too exposed to any one asset.

Mr. Gibb

To ask the Chancellor of the Exchequer what are the current Bank of England reserves of euros; and how many euros have been purchased by the Bank of England since 1 January. [121268]

Mr. Gill

To ask the Chancellor of the Exchequer what was the total quantity of reserves held in(a) gold and (b) euros on 31 March 1999 and 31 March 2000. [121692]

Miss Melanie Johnson

Table 2 of the Quarterly Report on UK Official Holdings of Foreign Currency and Gold for the period October to December 1999, published on 2 March 2000, provides a breakdown of the size and composition of the United Kingdom's reserve holdings, including a currency breakdown. The Quarterly Report for the period January to March 2000 will be published on 2 June.