Written question asked by Nicholas Winterton (Conservative) on Thursday, 10 February 2000, in the House of Commons. It was due for an answer on Wednesday, 16 February 2000. It was answered by Melanie Johnson (Labour) on Wednesday, 16 February 2000 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what is the present sterling value of the euros which were purchased from the proceeds of the gold sold from the United Kingdom national reserves in 1999; what value that amount of gold would represent in sterling in today's market; and if he will provide similar statistics for the gold sold in 2000 to date. - Includes figures and ref to Bank of England Press Notices, copy in Library.

Answer: Mr. Nicholas Winterton: To ask the Chancellor of the Exchequer what is the present sterling value of the euros which were purchased from the proceeds of the gold sold from the United Kingdom national reserves in 1999; what value that amount of gold would represent in sterling in today's market; and if he will provide similar statistics for the gold sold in 2000 to date. [110218] Miss Melanie Johnson: The results of the gold auctions held on 7 July 1999, 21 September 1999, 29 November 1999 and 25 January 2000 are published in Bank of England Press Notices issued on those days. Copies of the Press Notices have been placed in the House of Commons Library. The proceeds from sales of gold have been invested in interest bearing foreign currency assets in broadly the same proportion as currently held in the net foreign currency reserves (40 per cent. dollars; 40 per cent. euro; and 20 per cent. yen).

Secondary information