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release from their custody bearer securities beneficially owned by th Kuwait Investment Office against payment for credit to a Kuwaiti Account. In respect of purchases by the KIO, the Securities Office will effect settlement by means of a payment, originating from a Kuwaiti Account, against delivery of the

securities.

Gilt-Edged Securities

Purchases by KIO

Brokers may effect purchases of gilt-edged stock on behalf of the KIO. Settlement of such transactions may be effected only through the Bank of England Securities Office who will be given specific permission to effect settlement by debit of a Kuwaiti account, with the Stock being delivered via the Bank's Central Gilts Office

No 5 account.

Sales by KIO

Sales of gilt-edged stock on behalf of the KIO may be effected by brokers. Permission will be given to the Bank of England Securities Office to release stock from their Central Gilts Office No 5 account against payment for credit to a Kuwaiti Account.

Lending of gilt-edged securities

Gilt lending transactions may be entered into by the KIO subject to implementation being effected through the Bank of England Securities Office. The authorities referred to above will be

extended to cover this activity.

Interbank Market

The placing and the repayment of deposits in the interbank market may be effected in accordance with Paragraph 12 (a) of the Bank of England's Kuwait Notice of 7 August which gives permission for Kuwaiti Accounts to be debited in respect of payments to other

Kuwaiti Accounts.