CONFIDENTIAL
DRAFT CABLE FROM BANK TO ACCOUNTANT GENERAL HONG KONG
The Treasury have now authorised us to pay
compensation of £9,755,451 in respect of eligible
balances of £259,275,000 under the 1973 sterling
guarantee. This total for eligible balances is
slightly lower than that envisaged in
preliminary exchanges between us in respect of
this olgim because the calculation of "total
official external reserves" at end March was not
in fact affected by the modified settlement basis,
which relates exclusively to the calculation of
"official sterling reserves".
2. We have accordingly made payment today of the
amount indicated into the Hong Kong Government
'B' account as you have requested.
CONFIDENTIAL
!