your interpretation of the accidental breach provision, solely
for the interim period while the present Declaration remains
in force, for the purpose of satisfying the MSH/MSP provisions
of paragraph 3 of the Declaration.
For the purposes of assessing balances eligible for guarantee,
the end-March figures will be taken to be an amount not in
excess of the amount of sterling held at end-February plus
the minimum amount of sterling which had to be purchased
under your interpretation of the accidental breach provision
in order to make up the end-February shortfall.
For the purposes of the new Declaration in which the same
breach
accidental/pr
1/provision appears, HMG will accept no interpretation
other than as described in paragraph 2 above.
"