ち、
CONFIDENTIAL
EXAMPLE, DISCUSSIONS ON THE FUTURE OF THE STERLING GUARANTEE AGREEMENTS WILL BE ARRANGED IN DUE COURSE ON THE USUAL BILATERAL BASIS. IN THIS CONNECTION, WE WERE DISAPPOINTED TO HEAR FROM STONE (BANK OF ENGLAND) THAT NO DECISIONS HAVE YET BEEN TAKEN AS TO WHEN THESE BILATERAL DISCUSSIONS ARE TO BEGIN. WE FULLY APPRECIATE THAT
THE FEBRUARY CRISIS MUST HAVE DISTRACTED ATTENTION FROM QUESTION RELATING TO THE FUTURE OF STERLING AS SUCH, BUT CONTINUING UNCERTAINTY INHIBITS OUR ABILITY EVEN TO ENGAGE IN CONTINGENCY PLANNING (EXCEPT ON THE BASIS OF VERY ARBITRARY ASSUMPTIONS).
MACLEHOSE
FILES
FRD
C C D
HKIO D
MR KEEBLE
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CONFIDENTIAL