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LOCAL AUTHORITY REPAYMENTS BOOSTS OFFICIAL RESERVES

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The overall level of the UK's official reserves rose by $52m in August, bringing the end-August reserves to $47,056...
The overall level of the UK's official reserves rose by $52m in August, bringing the end-August reserves to $47,056m.

The underlying change in the reserves was a rise of $66m.

The underlying change excludes a number of factors which are included in the total change. There were repayments of borrowing under the Exchange Cover Scheme (ECS) of $14m.

Repayments under the public sector exchange cover scheme in April were as follows:

West Midlands County Council ($5m); Lothian RC ($1m); Central RC ($1m).

The August tender of UK ECU Treasury Bills amounted to $1,252m and maturing UK ECU Treasury Bills were $1,252m.

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