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Sovereign Debt

Volume 210: debated on Thursday 25 June 1992

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To ask the Chancellor of the Exchequer for each of the last five years what was the amount of corporation tax forgone from British banking institutions in relation to the writing-down of developing country sovereign debt; and how much sovereign debt has (a) been cancelled or (b) been made available for debt-for-environment or debt-for-development swaps, in each of the last five years as a result of this writing-down.

Provisions for doubtful sovereign debt by banks operating in the United Kingdom are estimated to have reduced corporation tax receipts in the last five years by the following amounts:

£ million
1 Provisional.
I regret that the further information requested is not available centrally.