Repayment
The last payment was made on 29 December 2006 for the sum of about $83m (£45.5m), the 29th being the last working day of the year. The final payment was actually six years late, the British Government having suspended payments due in the years 1956, 1957, 1964, 1965, 1968 and 1976 because the exchange rates were seen as impractical. After this final payment Britain's Economic Secretary to the Treasury, Ed Balls, formally thanked the US for its wartime support.
Read more about this topic: Anglo-American Loan, Agreement
Famous quotes containing the word repayment:
“Parents vary in their sense of what would be suitable repayment for creating, sustaining, and tolerating you all those years, and what circumstances would be drastic enough for presenting the voucher. Obviously there is no repayment that would be sufficient . . . but the effort to call in the debt of life is too outrageous to be treated as anything other than a joke.”
—Frank Pittman (20th century)
“A man’s indebtedness ... is not virtue; his repayment is. Virtue begins when he dedicates himself actively to the job of gratitude.”
—Ruth Benedict (1887–1948)