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Bank Transfers (Cuba)

Volume 929: debated on Thursday 7 April 1977

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asked the Chancellor of the Exchequer what permission or consent is required before banks can transfer large sums to Cuba; whether any such provision has been given; and, if so, to which bank.

Exchange control permission is required for United Kingdom resident banks to transfer sterling to Cuba. The normal rules are applied and permissions cover mainly payments in connection with trade between the two countries.However, no permission or consent is required for United Kingdom resident banks to on-lend to Cuba, or any other country, Euro-currency deposits placed with them as part of their normal banking operations in foreign currencies. At the end of December 1976 foreign currency loans outstanding to Cuba by United Kingdom resident banks, including subsidiaries and branches of foreign banks, amounted to the foreign currency equivalent of £254 million.