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Erm Entry (No.1)

EDM number 287 in 1990-91, proposed by DN Campbell-Savours on 14/01/1991.

That this House notes allegations made concerning the trading activities of Gerard and National in the 24 hours immediately preceding the announcement at 4 p.m. on 5th October 1990 of Britain's entry into the European exchange rate mechanism; notes that Gerard and National during this 24 hour period are alleged to have speculated to the tune of 35 million in ú sterling-dollar foreign exchange transactions thereby gaining from the rise in ú sterling that followed upon entry into the exchange rate mechanism, whereas their normal trading size in such investments would be between ú2 and 5 million; notes that Gerard and National are alleged to have invested a further ú1000 million in the gilts market during the same period thereby enabling them to take advantage of interest rate movements; further notes that Gerard and National are alleged to have increased their exposure on their ú sterling forward rate agreement book by an additional ú1000 million so as to gain by speculation in further interest rate reductions; notes that the majority of the foreign exchange positions taken prior to the announcement of exchange rate mechanism entry and a base rate cut were liquidated on the Friday afternoon after 4 p.m. and on the following Monday; and asks Gerard and National to make a public statement confirming or denying these allegations.

This motion has been signed by a total of 2 MPs.

MPDateConstituencyPartyType
Dale Campbell-Savours14/01/1991WorkingtonProposed
James Kilfedder22/05/1991North DownSigned

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