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Finance Houses And Fringe Banks

Volume 939: debated on Friday 18 November 1977

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asked the Chancellor of the Exchequer whether he will estimate the total value of the assets held by financial companies; and what proportion of those assets consists of foreign currency securities, foreign currencies or property abroad.

, pursuant to his reply [Official Report, 15th November 1977; Vol. 939, c. 192], gave the following information:

Assuming that the children are all under 11 years of age the figures are as follows:

The total value of assets of banks in the United Kingdom at 21st September 1977 was £187,452 millions* of which 65 per cent. was denominated in foreign currencies. I regret that information on the total value of assets of other financial companies and institutions is incomplete and does not distinguish assets denominated in foreign currencies. Much of the foreign currency assets of the banks represents lending in the Eurodollar market which is matched by foreign currency liabilities.

* Source: Financial Statistics October 1977 Table 6.9.