Written question asked by Hugh Robertson (Conservative) on Thursday, 20 May 2004, in the House of Commons. It was due for an answer on Tuesday, 25 May 2004. It was answered by Bill Rammell (Labour) on Tuesday, 25 May 2004 on behalf of the Foreign and Commonwealth Office.

Foreign and Commonwealth Office

Question: To ask the Secretary of State for Foreign and Commonwealth Affairs, which banks were used to administer the UN oil-for-food programme in Iraq.

Answer: Hugh Robertson: To ask the Secretary of State for Foreign and Commonwealth Affairs which banks were used to administer the UN Oil for Food programme in Iraq. [175596] Mr. Rammell: The UN Treasury administered the banking arrangements of the Oil for Food programme. BNP Paribas was the only bank to issue letters of credit under the programme, and collateral to back those letters of credit was held by BNP Paribas. Funds that were not required to be used as collateral for letters of credit were invested with multiple banks based on competitive bidding.

Secondary information