(ii)
(iii)
SECRET
!
that Ireland be permitted to continuo
to calculate its MSP obligation on a
book value basis (closer to a market
rate basis than the Australian parity
basis) but with the calculation of any
implementation payment on a market rate
basis, as in the Australian case;
!
that the Hong Kong MSP be adjusted from the 89% applicable under the previous Agreement (extending to the commercial
banks) to 80% under the present
arrangement (to take account of
non-inclusion of the commercial banks).
6. If the Chancellor accepts these recommendations, the agreed modifications to the offer can be communicated at official level.
•
(D.A. WALKER)
24 October 1973