Am I right that section 5 refers to the super gold tranche position in the IMF, or is it not more complicated than that?
Bretton Woods Agreements (Amendment) Bill, 1968: Committee and Final Stages.
Sections 1 to 4, inclusive, agreed to.
SECTION 5.
Question proposed: "That section 5 stand part of the Bill".
This is really vesting our gold and currency holdings in the Fund—the vesting of these in the Central Bank. It is the claim which we would have on the IMF.
What amount is involved at present?
The value of the assets to be transferred to the Central Bank is 53.53 million dollars, £22.3 million.
Could I ask another question about the Government's quota in the Fund? Section 5 says:
The asset represented by the claim relating to the amount by which the Government's quota in the Fund exceeds the aggregate of any outstanding amounts represented either by notes or other obligations created and issued to the Fund by the Minister for Finance ... is hereby vested in the Central Bank.
The same applies to the quota. It is also transferred to the Central Bank?
It will be, so far as operations on the quota are concerned.
Under this Bill?
Yes.
Question put and agreed to.
Sections 6 and 7 agreed to.
SECTION 8.
Question proposed: "That section 8 stand part of the Bill".
Could I ask what the Minister has in mind as regards the date for an order?
My idea would be to proceed straight away. We put that in in the interests of the Central Bank. It is really a protection for them. We would propose to proceed straight away.
Question put and agreed to.
Sections 9 and 10 agreed to.
Schedule agreed to.
Title agreed to.
Bill reported without amendment, received for final consideration and passed.