asked the Minister for Finance the total amount of money outstanding, on which the State guarantees the exchange risk on 31 December 1981 and 1982 and at the latest date for which figures are available, to each of the following: (a) private corporate sector, (b) agriculture, (c) State companies, and (d) others.
Written Answers. - Exchange Risk Guarantee Scheme.
387.
The following is the information requested:
|
31st December 1981 |
31st December 1982 |
31st October 1983 |
|
|
£m |
£m |
£m |
|
|
(a) Private corporate sector |
|||
|
Amount outstanding — at exchange rates on dates of drawdown of funds |
144.507 |
211.526 |
209.346 |
|
— at exchange rates on dates in question |
158.991 |
235.626 |
248.879 |
|
(b) Agriculture |
|||
|
Amount outstanding — at exchange rates on dates of drawdown of funds |
167.666 |
192.916 |
199.981 |
|
— at exchange rates on dates in question |
179.03 |
216.07 |
235.50 |
|
(est.) |
(est.) |
(est.) |
|
|
(c) State companies |
Except for ICC and ACC borrowings for on-lending to the private corporate sector or agriculture, no foreign borrowings by State companies have been granted exchange risk cover. |
||
|
(d) Others |
|||
|
Amount outstanding — at exchange rates on dates of drawdown of fund |
— |
20.000 |
20.000 |
|
— at exchange rates on dates in question. |
— |
20.295 |
21.483 |
388.
asked the Minister for Finance the total cost to the State of the exchange risk guarantee scheme for each year since the scheme began.
The following are the total payments by the Exchequer each year of losses under the various exchange risk guarantee schemes:
|
Year |
Amount |
|
1973/74 |
1,475 |
|
1974 (9 months) |
7,483 |
|
1975 |
35,900 |
|
1976 |
188,793 |
|
1977 |
282,733 |
|
1978 |
654,876 |
|
1979 |
737,999 |
|
1980 |
645,512 |
|
1981 |
1,676,131 |
|
1982 |
3,431,786 |
|
1983 (to date) |
5,095,855 |
During this period, the Exchequer has taken in receipts arising from the operation of certain exchange risk guarantee schemes. These receipts are mainly in respect of exchange risk premia paid by borrowers. The amounts paid over to the Exchequer are those in excess of realised exchange losses incurred on the schemes to date. However, there are unrealised exchange losses on these schemes arising from adverse exchange rate movements to date on outstanding borrowings. These unrealised losses are substantially greater than the Exchequer receipts. The receipts involved have been as follows:
|
Year |
Amount |
|
£ |
|
|
1980 |
554,845 |
|
1981 |
2,391,176 |
|
1982 |
4,600,665 |
|
1983 (to date) |
3,756,487 |