To ask Her Majesty's Government what is their assessment of the level of participation in the latest auction for long-term Government bond purchases. [HL1254]

The auction of £2,250 million (nominal) of 4¼ per cent Treasury Gilt 2049 on 13 January 2010 was covered 1.81 times, which is slightly higher than the cover ratios at the previous two auctions of long-dated conventional gilts (the £2,000 million (nominal) auction of 4½ per cent Treasury Gilt 2034 on 4 November 2009 was 1.53 times covered and the £2,250 million (nominal) auction of 4¼ per cent Treasury Gilt 2039 on 2 December 2009 was 1.74 times covered).