That this House notes the refusal of Gerrard and National to respond to the detailed allegations of deals made by Gerrard and National in the period both immediately before and after United Kingdom entry into the ERM on Friday, 5th October 1990; questions why the company point blank refuses to answer the details of the allegations and confines its remarks to its October statement denying prior notification of United Kingdom ERM entry; notes that enquiries undertaken by Bank of England officials are being deliberately obstructed by the company who are directing their questions towards those employees of the bank who are either in a very junior position and easily influenced or senior directors who it is alleged are implicated; notes that those directors insist that the bank was being no more bullish on the Friday in question than on any other Friday in innocent anticipation of ERM entry; asks whether it is true that Mr D. Klein was interviewed and at whose suggestion; asks why Mr D. Davy, Mr R. Woodhouse, Mr N.S. Rogerson and Mr R. Grey were not interviewed; asks whether Bank of England officials have examined the personal account positions of at least three directors of the company in relation to G.N.I.; and expresses the view that the size of the transactions carried out by Gerrard and National throughout the period concerned was unique and requires the fullest possible enquiries.

That this House notes the refusal of Gerrard and National to respond to the detailed allegations of deals made by Gerrard and National in the period both immediately before and after United Kingdom entry into the ERM on Friday, 5th October 1990; questions why the company point blank refuses to...

That this House believes that the Select Committee on Trade and Industry should set up an enquiry into movements on 5th October 1990 in the LIFFE short sterling contract market, the gilt futures market, the FTSE 100 futures market and gilts, futures, foreign exchange and equity markets generally; believes that economic adviser Mr Timothy Congdon, and Mr R.B. Williamson, Chairman of Gerard and National and three trading managers Mr H.J. Askew, Mr D.A. Brayshaw and Mr A.S.R. Jones of the same Company should all be interviewed and asked to give evidence to the Select Committee; and believes that the Bank of England should issue an interim public statement setting out the nature of enquiries they have carried out into these matters.

That this House believes that the Select Committee on Trade and Industry should set up an enquiry into movements on 5th October 1990 in the LIFFE short sterling contract market, the gilt futures market, the FTSE 100 futures market and gilts, futures, foreign exchange and equity markets generally; believes that...

That this House notes allegations made concerning the trading activities of Gerard and National in the 24 hours immediately preceding the announcement at 4 p.m. on 5th October 1990 of Britain's entry into the European exchange rate mechanism; notes that Gerard and National during this 24 hour period are alleged to have speculated to the tune of 35 million in ?? sterling-dollar foreign exchange transactions thereby gaining from the rise in ?? sterling that followed upon entry into the exchange rate mechanism, whereas their normal trading size in such investments would be between ??2 and 5 million; notes that Gerard and National are alleged to have invested a further ??1000 million in the gilts market during the same period thereby enabling them to take advantage of interest rate movements; further notes that Gerard and National are alleged to have increased their exposure on their ?? sterling forward rate agreement book by an additional ??1000 million so as to gain by speculation in further interest rate reductions; notes that the majority of the foreign exchange positions taken prior to the announcement of exchange rate mechanism entry and a base rate cut were liquidated on the Friday afternoon after 4 p.m. and on the following Monday; and asks Gerard and National to make a public statement confirming or denying these allegations.

That this House notes allegations made concerning the trading activities of Gerard and National in the 24 hours immediately preceding the announcement at 4 p.m. on 5th October 1990 of Britain's entry into the European exchange rate mechanism; notes that Gerard and National during this 24 hour period are alleged...