Settlements in EPU for the period May through July 1956 showed the German Federal Republic retaining the strongest creditor position. Austria, which showed a small surplus in June, had a larger one in July, while Italy moved from a substantial deficit in June to a surplus in July. France continued to have the largest monthly deficit; second was the United Kingdom, which showed a surplus in May, a deficit in June and a significantly larger deficit in July. Since December 1955, France had covered its deficits fully in gold payments, but in July 1956 it resorted to the 25 percent EPU credit to which it was entitled. Belgium and Luxembourg retained strong creditor positions.