§ Mr. Knox
asked the Chancellor of the Exchequer what undrawn or partly drawn foreign currency international facilities remain available to Her Majesty's Government, distinguished by lender; and whether any conditions are imposed or likely to be imposed if and when Her Majesty's Government draw upon such facilities.
§ Mr. Dell
The international foreign currency borrowing facilities available to Her Majesty's Government include the remaining $0.8 billion of the $1.2 billion line of credit from Iran of which $0.4 billion will be drawn shortly; the $3 billion swap arrangement with the Federal Reserve Bank of New York; some $3.3 billion from the IMF general account; $1 billion or more from the IMF oil facility; and a theoretical maximum of $5 billion from the internal EEC sources. Other possibilities include taking up part of any external loans raised by the EEC, which has the power to borrow up to $3 billion principal and interest, and, in the longer term loans under the OECD financial support fund. This is yet to be ratified but the United Kingdom could434W borrow from it more than twice her quota of nearly $2 billion. Various degrees of conditionality apply to the IMF, EEC and OECD facilities, depending partly on the amounts drawn under each facility.