HC Deb 24 May 1966 vol 729 c260
15. Mr. Stratton Mills

asked the Minister of Housing and Local Government if he will introduce legislation to formulate a scheme with the building societies so that they can run down their liquidity and whereby in an emergency funds may be made available to them through the Bank of England, subject to full security.

Mr. Crossman

I have not such plans at present, but my right hon. Friend the Chancellor of the Exchequer and I are always prepared to consider any proposals the building societies may make to us for improving their service to the public. Meanwhile, we await the report of the National Board for Prices and Incomes.

Mr. Mills

Will the right hon. Gentleman confirm that about £900 million of building society money is put aside for liquidity purposes to meet a sudden withdrawal? Will he study the scheme prepared by the Abbey National Building Society, which would make further moneys available to house purchasers?

Mr. Crossman

I can only repeat that we will consider all these schemes. Now we had better wait until the National Board for Prices and Incomes has studied the matter impartially.