TNAG-0379-FCO40-425-Sterling-assets-and-balance-of-payments-of-Hong-Kong-1973 — Page 198

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...3506 and this formed the basis for a settlement. A process of annossing and paying compensation then began.

The total is expected

to be some £60 inn., of which £38 mn. has been paid.

17. The Agreements continue in force until September 1973 byt

provide in detail only for the first implementation. As regu rad

under the Agreements, we have made proposals on criteria and procedures for any further settlements which might become necessary whilst

sterling continues to float against the US dollar.

These proposals

are still under consideration between the UK and Sterling Agreement

mignatories.

E.

1.

COMMUNITY EXCHANGE OF LETTERS ON MONETARY QUESTIONS

In connection with the Treaty concerning the accession of the UK, Denmark and Ireland to the European Communities, the UK participated in an exchange of letters dated 22nd January 1972 on monetary questions which referred to the question of the sterling balances and the text of which is attached at Annex C.