TNAG-0379-FCO40-425-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 153

CONFIDENTIAL

FORTHCOMING ACTION ON THE STERLING AGREEMENTS

1.

2.

Ministerial decision. (Being sought)

Message from Chancellor to Sterling Agreement signatures. Variants will be needed for:-

a Irish Republic (EEC member)

b

Hong Kong (dependency)

(dependency)

c) Australia (leading role in all negotiations)

Minor territories and currency boards

Is anything needed for Sterling Area countries with whom Agreements have already lapsed (Malta, Pakistan, Uganda, Malaysia)?

3. Message from Chancellor to EEC Finance Ministers

4.

5.

6.

There should also be information to the EEC Commission (eg a message to the President (Ortoli) or Monetary Commissioner (Haferkamp). Note that the Monetary Committee meets on 19-20 July but there are no other relevant EEC meetings that month.

The timing of steps 2 and 3, in relation to each other, will need special care.

Briefing (and in some cases messages) to Other Posts:

(a) Washington (to inform US Administration and IMF)

Ottawa (Commonwealth and Basle country)

South Africa (this was done in the 1971 renewal

exercise)

(d) Tokyo and other non-EEC Basle Countries

(? depending on what is decided about the Facility)

Parliamentary Statement

Probably a written answer to follow fairly closely on 2 and 3 above.

Press Statement Question and Answer Brief

The statement might simply repeat 5 above.

LATER

7.

8.

Regular progress reports to be circulated on replies to 2 and 3 above.

Furthor monnngo to Sterling Aroa

To be drafted in the light of reactions to 2 above, and to give further details of any UK proposals.

CONFIDENTIAL