1-1 of 1 results for subject:"Currency speculation"
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Answering member
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Ruth Kelly
Type
House
Session
Year
Department
Member
Primary member
Answering member
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Kelly, Ruth (1)
Legislative stage
Legislation
Subject
Publisher
To ask Mr Chancellor of the Exchequer, for what reason he will not publish the numbers and the cost of the euros which have been purchased by the Bank of England in consequence of gold seals. - Inc figures.
To ask Mr Chancellor of the Exchequer, for what reason he will not publish the numbers and the cost of the euros which have been purchased by the Bank of England in consequence of gold seals. - Inc figures.
Asked by
Teddy Taylor
(Conservative)
Answered by
Ruth Kelly
(Labour)
Answering body
Treasury
Type
Written questions
Status
Answered
Tabled on
9 July 2001
For answer on
12 July 2001
Answered on
12 July 2001
Sir Teddy Taylor: To ask the Chancellor of the Exchequer for what reason he will not publish the numbers and the cost of the euros
which have been purchased by the Bank of England in consequence of gold sales. [3233]
Ruth Kelly: The purchase of euros assets with proceeds from the gold sales programme forms only part of the restructuring of the
United Kingdom's foreign currency reserves. As the National Audit Office Report on "The Sale of Part of the UK Gold Reserves",
published on 12 January 2001, states "a meaningful value for money assessment of the financial benefits to sell gold could only be
undertaken over the medium to long-term, since a misleading impression of the benefit, or otherwise, of the restructuring may arise
if too short a period is used. Over the short-term, temporary fluctuations in assets prices may tend to impact".
However to give an indication of the change in the value of the UK's foreign currency reserves as a result of the gold sales, the
National Audit Office Report provides a snapshot figure as at 18 December 2000 of a gain to the reserves of US$34 million (around
£23 million).
Subjects
Assets; Currency speculation; Economic and monetary union; Euro; Sales; Gold and foreign exchange reserves
Date
12 July 2001
Reference
3233; 371 c649-50W
House
House of Commons