The financing of North Sea oil

Quarterly Bulletin 1981 Q4
Published on 01 December 1981

The following tables bring up to date the figures in Tables D and E in the article 'The financing of North Sea oil 1975-1980' in the March 1979 Bulletin. Total loans outstanding rose in sterling terms by 21% over the year to mid-August 1981, but most of this apparent increase arises from the effect of the sharp fall in sterling on the value of lending denominated in foreign currencies. Additional commitments showed a marked increase, with those denominated in sterling rising by 25%, and those denominated in foreign currencies by almost 60% {in foreign currency terms}. The latest Bank estimate of the outstanding North Sea financing requirement is £9.0 billion for 1981 and £9.3 billion for 1982.

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