HC Deb 15 November 1957 vol 577 c1299

Considered in Committee under Standing Order No. 84 (Money Committees) [Queen's Recommendation signified].

[Sir CHARLES MACANDREW in the Chair]

Resolved. That, for the purposes of any Act of the present Session to amend the law relating to trustee savings banks, it is expedient to authorise any increased charge which may fall on the Consolidated Fund under section thirty-six of the Trustee Savings Banks Act, 1954, if—

  1. (a) the maximum rate of interest which may be fixed by order of the Treasury under subsection (2) of section twenty-seven of the Act of 1954 as the rate at which interest is to be paid or credited on sums standing to the credit of trustee savings banks in the Fund for the Banks for Savings is raised to a figure not exceeding three pounds two shillings and sixpence per cent.;
  2. (b) there are credited to the mutual assistance account, and treated as interest credited to that account under section fifty-three of the Act of 1954, a sum not exceeding three hundred thousand pounds on the twenty-first day of May next, and thereafter sums equal to those by which the total interest credited half-yearly to trustee savings banks in the Fund for the Banks for Savings is reduced by fixing a special rate for any bank not participating in such mutual assistance schemes as may be referred to in the Act of the present Session;
  3. (c) the Act of the present Session amends the law relating to trustee savings banks in any other respect.—[Mr. Powell.]

Resolution to be reported upon Monday next.