| Admin History | Economic Co-operation Administration: an agency of the United States (US) Government, which administered assistance to Europe, under the European Reconstruction Programme, (subsequently 'Marshall Aid'). Establishment of a Special Mission for Economic Co-operation in this country, which provided for the maintenance at the Bank of England of a 'Special Account' vested in HM Government (HMG), to which was credited the sterling equivalent of dollars paid by the ECA by way of grants in aid to the United Kingdom (UK) (ECA counterpart funds). Sums were invested with the Exchequer by the Bank of England equal to the total receipts into the Special Account, against the security of non-interest bearing non- negotiable Treasury Notes repayable on demand, specially created for the purpose. In 1951, the Administrator for Economic Co-operation was superseded by the Director for Mutual Security and thereafter a specified proportion of the total economic aid to all countries was to be used exclusively for military purposes. The Special Account was eventually closed in 1959. |