IT IS IMPOSSIBLE TO GIVE FIPM FICURES BEFORE THEN. THE GOVERNMENT
PECISION TO INTRODUCE A NEW QUARANTES WAS MADE IN THE LIGHT OF
COMMENTS RECEIVED FROM SOME OF THE COUNTIRES CONCERNED AND WITH
THE PROSPECT ́F A FURTHER PERIOD OF DIFFICULTY AHEAD.
5. UNDER THE NEW GUARANTEE, THE ELIGIBLE BALANCES OF INDIVIDUAL
OFFICIAL HOLDERS WILL BE DETERMINED ON THE BASIC OF THE AMOUNT OF
STEALING HELD AT THE DEGINNING OR END OF THE PRESENT GUARANTEE
PERIOD OR AT THE END OF THE NEW GUARANTEE, WHICHEVER IS LOWEST,
THE AMOUNT OF ELIGIBLE BALANCES CAN THEREFORE ONLY BE DETERMINED
AT THE TID OF THE QUARANTEE PERIOD: IT IS THUS NOT FOSSIBLE TO
GIVE ANY FIRM ESTIMATES OF AMOUNTS COVERED, AND THE PRECISE
AMCUNTS COVERED UNDER THE PRESENT GUARANTEE APE WTILL NOT
KNOWN. ( THE TOTAL OF OFFICIAL STERLING BALANCES IS GIVEN IN
TABLE 24 OF THE BANK OF ENGLAND QUARTEPLY BULLETIN AS PDS 2,712
BILLICH AT THE END OF SEPTEMBER 1973, BUT THESE FIGURES ARE DRAWN
UP ON A COMEWHAT DIFFERENT BASIS IRELAND IS EXCLUDED AND NOT
ALL OVERSEAS STERLING AREA COUNTRIES ARE PARTICIPATING IN THE
QUARANTED, WHILE THERE ARE ALSO DIFFERENCES IN VALUATION
AND COVERAGE.>
6. THE QUARMITEE WILL BE GIVEN IN THE FORM OF A GOVERNMENT
DECLARATION WHICH IS BEING SENT TO FARTICIPANTS IN THE PRESENT
ARRANGEMENT. THE BROAD STRUCTURE OF THE NEW GUARANTEE FOLLOWS
TEAT OF THE EXISTING SIX-MONTH ARRANGEMENT, THOUGH WITH SOME
"CCIFICATIONS. IN PARTICULAR, THE NEW GUARANTEE WILL DE EXPRESSED
IN TERMS OF THE EFFECTIVE EXCHANGE BATE FOR STERLING,
GIVES A BETTER MEASURE OF THE VALUE OF STERLING IN
WHICH
/PRESENT
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2.