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THE RESERVES IN APRIL 1997

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The overall level of the UK's official reserves rose by $552 million in April, bringing the end April reserves to $...
The overall level of the UK's official reserves rose by $552 million in April, bringing the end April reserves to $40,609 million (£25,029 million), compared with $40,057 million (£24,570 million) at the end of March.

The underlying change in the reserves was a fall of $93 million. 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 $88 million;

Revaluation arising from EMI swap of $237 million

HMG debt assigned from public sector $75 million

HMG ECU Treasury Bills maturing exceeded those issued by $1 million

HMG ECU Treasury Note issue of $571 million

$ million

End April reserves 40609

Less

End March reserves 40057

OVERALL CHANGE 552

less adjustments -645

UNDERLYING CHANGE -93

Repayments under the public sector Exchange Cover Scheme in April were as follows:

Organisation $ million

British Nuclear Fuels Limited 78

Strathclyde Regional Council 4

Lothian Regional Council 1

Lancashire County Council 0.7

Dumfries & Galloway Regional Council 0.6

Tayside Regional Council 0.5

Other smaller repayments 3

TOTAL 87.8.

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