CONFIDENTIAL
19
47.
A summary of foreign currency bonds and notes, separating
domestic, euro-currency and foreign obligations is at Appendix VI.
The proportion of the Fund's assets held in such obligations for
each of the last three years was:-
1989
1990
1991
Foreign currency bonds
and notes
42.25
44.21
53.30
Other obligations
57.75
55.79
46.70
100.00
100.00
100.00
48.
Paragraph 6(1) of the investment policy provides that the
Fund may be employed in equities, subject to a maximum equivalent to
10% of the note and coin issue liabilities of the Fund and to the
approval of the Secretary of State. As at 31 December 1991, equity
investments amounted to 0.04% of these liabilities (31 December 1990
: 0.82%). The basis upon which equity investments are valued is set
out in paragraph 1(d) of the Notes on the Accounts on page 31.
CONFIDENTIAL