§ Sir Teddy TaylorTo ask the Chancellor of the Exchequer (1) how many auctions by the Bank of England of notes in foreign currencies there have been over the past five years; and if he will list the(a) currencies and (b) amounts involved; [145628]
(2) for what reason the euro notes being auctioned by the Bank of England on 16 January will not be offered to institutions in the United States of America; and if any other nations are subject to the same restrictions; [145630]
(3) if the European Central Bank was consulted on the proposed issue of euro notes by the Bank of England; and if he will make a statement. [145627]
§ Miss Melanie Johnson[holding answer 15 January 2001]: The UK Government have been running a euro Treasury note programme since 1992. This has involved quarterly auctions of euro-dominated Treasury notes, to reach a total outstanding of 6 billion euro.
In the past five years the Bank has also issued on behalf of HMG a total of $4 billion of dollar denominated debt.
The European Central Bank was not consulted on the proposed issue of euro notes by the Bank of England but was aware of the intention to issue. The UK Government and the Bank are free to determine independently the debt securities they wish to sell and the currencies in which those of denominated.
Under the US Securities Act of 1933, euro Treasury notes may not be offered, sold or delivered within the United States until 40 days after the auction, if they have not been registered.