Of the £ raised by the 5% War Loan, only £ was new money; the rest was conversions of £ of 4.5% Loan, £ of Exchequer Bonds and £ of Treasury Bills.
Of the £2,075.25 million raised by the 5% War Loan, only £844.75m was new money; the rest was conversions of £820 million of 4.5% Loan, £280.5 million of Exchequer Bonds and £130 million of Treasury Bills.