| Admin History | At its inception the EEA was used for the execution of direct deals with other central banks and for certain internal transactions. In order to have independent confirmation for HM Treasury (HMT) that the exchange rates applied by the Bank were correct, arrangements were made for M W Marshall & Co to furnish dummy contract notes each time. For this service they were paid an annual fee of £500. From 1938 the terms of remuneration were amended: thereafter, actual brokerage (on one side only) on the dummy contracts was paid in lieu of the set fee. In proposing this change to HMT, Basil Gage Catterns assured them that every transaction remained open to scrutiny at any time (a principle not enthusiastically supported by the Bank in later years). |