MacDonald recognised the Soviet Union and MacDonald informed Parliament in February 1924 that negotiations would begin to negotiate a treaty with the Soviet Union. The treaty was to cover Anglo-Soviet trade and the repayment of the British bondholders, who had lent billions to the pre-revolutionary Russian government and been rejected by the Bolsheviks. There were, in fact, two proposed treaties: one would cover commercial matters, and the other would cover a fairly vague future discussion on the problem of the bondholders. If the treaties were signed, the British government would conclude a further treaty and guarantee a loan to the Bolsheviks. The treaties were popular neither with the Conservatives nor with the Liberals, who, in September, criticised the loan so vehemently that negotiation with them seemed impossible.