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Euro

Volume 710: debated on Monday 11 May 2009

Questions

Asked by

To ask Her Majesty's Government when the Bank of England last intervened to support the euro; what was the extent of that intervention; and how much of that intervention has been refunded to the Bank of England by the European Central Bank. [HL2962]

The Bank of England, acting as agent for HMT, last intervened to support the euro in September 2000. This action was taken as part of a concerted intervention by the G7 monetary authorities. The Bank purchased €85 million in this intervention, as reported in the October 2000 reserves press release (www.hm-treasury.gov.uk/press_107_00.htm). The intervention was not refunded to the Bank by the ECB, in line with normal practice.

Asked by

To ask Her Majesty's Government whether they will send a delegation to Malta, Cyprus, Slovenia, Slovakia, the United Kingdom Sovereign Bases in Cyprus, and Iceland, to examine the effect on those countries of euro membership. [HL3260]

We have no plans to send a delegation to the countries mentioned in the noble Lord's Question.