HL Deb 06 October 2003 vol 653 c40WA
Lord Laird

asked Her Majesty's Government:

Further to the Written Answer by the Lord Mclntosh of Haringey on 16 September (WA 170) on war debt owed to the United States since 1945:

  1. (a) when the repayments were made;
  2. (b) how much they were;
  3. (c) in what form they were made; and
  4. (d) on what dates repayments were deferred, and
why. [HL4591]

Lord Mclntosh of Haringey

The UK has made annual repayments of principal and interest of around 138 million US dollars to the United States in respect of its Second World War loans. The payments were made in US dollars at the end of each calendar year except on six occasions. Payments were deferred, in accordance with the terms of the agreement, due to prevailing international exchange rate conditions and the level of the United Kingdom's foreign currency and gold reserves in 1956, 1957, 1964, 1965, 1968 and 1976. Consequently, repayment of the war loans to the United States Government should be completed in 2006.