Roll-overs
22 Persons subject to the directions who have made loans to residents of Iraq before 4 August 1990 and who wish to roll-over such loans in accordance with the terms of the loan agreement should refer to the Bank of England. Attention should be drawn to the reasons for any reduction in the interest rate or change in currency composition. Permission will not normally be given to enable the drawn down amount of the loan or credit to be increased on roll-over.
Gold
23 Permission is required for persons subject to the directions to do anything which involves parting with any gold coin or gold bullion wherever located or making any change in the persons to whose order any gold coin or gold bullion is to be held in compliance with an order given by or on behalf of the government or residents of Iraq. Such permission will not normally be given.
Securities
24 The Emergency Laws (Re-enactments and Repeals) Act 1964 as amended defines
securities as including -
(a)
(b)
(c)
(d)
shares, stocks, bonds, notes (other than promissory notes), debentures, debenture stock, certificates of deposit and Treasury and other government bills:
a deposit receipt in respect of the deposit of securities;
a unit or a sub-unit of a unit trust;
an annuity granted under the Government Annuities Act 1929 or to which either Part I or Part II of that Act applies, and a life assurance policy or other contract entered into with an assurance company for securing the payment in the future of any capital sum or sums or of an annuity;
(e)
a warrant conferring an option to acquire a security;
(f)
a share in an oil royalty;
but excludes bills of exchange.
For the purposes of the permissions covered in this Notice "securities" includes those instruments defined as "investments” in Schedule 1 of the Financial Services Act 1986.
25 Permission is required for persons subject to the directions to do anything which involves parting with any securities or making any change in the persons to whose order any securities are to be held in compliance with an order given by or on behalf of residents of Iraq.
26 The Bank of England will consider applications from persons engaged in the discretionary management of portfolios of securities on behalf of residents of Iraq to continue to manage the portfolios in question. Permission will not normally be given to allow the release of portfolios from United Kingdom control.
27 Where securities are registered in the name of a person resident in Iraq, no order requiring payments of capital monies, dividends or interest to any person outside the United Kingdom may be complied with. Permission is hereby given for such payments to be made to "Iraqi Accounts". Such permission is also given where persons subject to the directions hold bearer securities for account of persons resident in Iraq.
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