CONFIDENTIAL
In our view, therefore, it would provide a greater degree of flexibility if the paper were simply to state that the LAF bid/offer rates will be set at levels appropriate to the prevailing monetary situation, bearing in mind that the principal focus of LAF activity is maintenance of the link rate; and to delete any
reference to US rates.
I am copying this letter to Paul McIntyre at HMT.
Yours sincerely,
Cur's cutan
Синт
C D Elston
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