| Admin History | The Belgian stabilisation programme was set in motion in October 1925, for which a long-term loan of the equivalent of $150m was sought. Initially a short-term credit of $25m was arranged, in which the Bank, J P Morgan, Guaranty Trust, Hope & Co and the Swiss Bank Corporation (and later the Stockholms Enskilda Bank to bring the total to $27.5m) participated. In December 1925 a further credit of $25m was agreed, in which Westminster and Barings participated in place of the Bank (again Stockholms Enskilda joined in later to bring the total loan to $27.5m). At the same time a discount credit was arranged in which the Federal Reserve Bank of New York (FRBNY), the Bank, Nederlandsche Bank and the National Bank of Switzerland undertook to discount bills up to the value of $10m. In March, Jun and September 1926, the original credit was renewed but with reducing amounts. In October 1926 $100m thirty-year stabilisation bonds were issued through the banks participating in the second loan, and a number of central banks including the Bank participated in another discount credit to the extent of $100m. |