Trustee Savings Banks

HC Deb 18 December 1958 vol 597 c1302

43. Mr. Jay

asked the Chancellor of the Exchequer what pressure has been brought to bear by the Treasury on the Trustee Savings Banks to restrict the development of their banking services.

Mr. Simon

None, Sir, although there are, of course, long-standing arrangements for regulating the activities of the Trustee Savings Banks.

Mr. Jay

Would the Financial Secretary agree that if these valuable savings banks wish to extend their services to the public they ought not to be restrained by the Government just to prevent competition with the commercial banks?

Mr. Simon

As to the value of these institutions, I entirely endorse what the right hon. Gentleman says. No official approach has recently been made by the Association of Savings Banks to my right hon. Friend, but he will, of course, be ready at any time to consider any views which they may put forward for his consideration.