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Thursday, 9 December 1976
Page: 3734

Mr Uren asked the Treasurer, upon notice:

(1)   Has the Government used financial intermediaries in its foreign loan raisings since 1 3 December 1 975.

(2)   If so, what are the names of the financial intermediaries used.

(3)   What were the terms and conditions of each loan raising and, in particular, what were the rates of commission offered in respect of each loan.

(4)   What commissions have been paid or have been contracted for in connection with these foreign loan raisings, and to whom have they been paid or to whom are they contracted.

(5)   What is the total foreign borrowings by the Australian Government since 13 December 1975.

(6)   Was Loan Council approval sought in each case.

(7)   Which of these borrowings were for temporary purposes, and what is the nature of these temporary purposes.

Mr Lynch - The answer to the honourable member's question is as follows: ( 1 ), (2) and (3) Details of terms, conditions and the lead underwriters for all the Government's loans raised overseas during 1 976 have been contained in Press statements which I issued immediately following the conclusion of the loan negotiations for each issue. The attached table sets out details of commissions paid.

(4)   Commissions are paid to the lead underwriter in each case and are then distributed to the other groups within the underwriting syndicate on the basis of the proportion of the loan which each has underwritten and marketed.

(5)   Total net overseas borrowings by, the Commonwealth, after allowing for contractual repayment of overseas debt, between 1 December 1975 and 30 November 1976, amounted to the equivalent of approximately $A540m.

(6)   Yes, Loan Council approval was sought and obtained in each case.

(   7 ) None of the borrowings was for temporary purposes.


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