The Munich Agreement hit the Czechoslovak state very hard. Its economic consequences were expected to be partly solved by a financial loan granted by two of its signatories, France and Great Britain. Sir Frederick Leith Ross as Chief Economic Advisor to the British Government played a very important role in the negotiations. The loan ought to solve both the question of economic reconstruction of Czechoslovakia after the cession of industrially developed regions and the interruption of transportation ways, and that of financial aid to the refugees from Czechoslovakia. The talks between the Czechoslovak and British government delegations started in mid-October 1938 and their first material result was an advance of 10 million pounds granted by the British party to the National Bank of Czechoslovakia. After further difficult negotiations about the loan a three-party agreement between Great Britain, France and Czecho-Slovakia on funds to be granted to Czecho-Slovakia was signed on 27th January, 1939, according to which a total loan of 12 million pounds was agreed, out of which 4 million pounds constituted a special gift to support the refugees and the remaining 8 million pounds were primarily intended to create the conditions needed to accommodate the refugees from ceded regions. Unfortunately, the German aggression against Czecho-Slovakia of March, 1939 made it impossible to make full use of the loan.