News Release
UK Government 4% 2000 ECU Treasury Notes: Result of Tender on 15 July 1997

15 July 1997

The tender is oversubscribed. The ECU 500 mn of Notes on offer have been allotted in full.

Details of the results are as follows:

	3 year Notes dated 28 January 1997 and due 28 January 2000
Amount of Notes on offer	ECU 500 mns
Amount applied for	ECU 1,204.0 mns
Amount allotted	ECU 499.3 mns
		(Clean Price)
Lowest yield accepted	4.4000%	(99.041)
Highest yield accepted	4.4200%	(98.994)
Average yield on Notes allotted	4.4093%	(99.019)
Pro-rata per cent at highest yield accepted	70.65%

The coupon was set at 4%, on the basis of the result of the first auction of Notes of this maturity on 21 January 1997 and as described in the Information of Memorandum issued in January 1996.

Tenders which have been accepted and which were made at yields below the highest accepted yield have been allotted in full at the yields bid. Tenders made at the highest accepted yield have been allotted on the basis of the relevant pro-rata per cent indicated above applied to the nominal amount of Notes tendered for (subject to the rounding adjustment set out on page 5 of the Information Memorandum).

The Notes sold at today's tender constitute a further tranche of Notes maturing on 28 January 2000, and will be fully fungible with the ECU 500 million nominal of the same Notes sold by tender on 21 January 1997 and the ECU 500 million nominal sold by tender on 15 April 1997. As announced in the tender notice dated 8 July 1997 , the Bank of England has added ECU 50 million nominal to its holdings of Notes for the account of the Exchange Equalisation Account, which may be made available for sale and repurchase operations with the market makers listed inthe IInformation memorandum (as supplemented), bringing the total available for this purpose to ECU 150 million.