§ Sir Teddy TaylorTo ask the Chancellor of the Exchequer if he gave approval to the proposal by the Bank of England to auction 500 million euro notes on 16 January; and what the purpose of the initiative is. [145626]
§ Miss Melanie Johnson[holding answer 15 January 2001]: The Chancellor approved the proposal by the Bank of England to replace HMG as issuer of notes denominated in euro in March 2000. The decision was announced to the public in a press notice dated 21 March 2000. Proceeds of the note issuance will add to the foreign exchange holdings of the Bank of England.