§ 9.45 p.m.
§ Mr. Ian StewartI beg to move amendment no. 33, in page 55, line 33, leave out 'and' and insert 'or'.
This amendment takes up a point raised in Committee about the restrictive nature of the criteria set out in paragraph 2(2) of this part of the schedule, which defines the banking services which need to be provided for the purpose of qualification.
In Committee, my hon. Friend the Member for Honiton (Mr. Emery), who had originally raised the matter, was not available to move the amendment and to develop his argument, so it was left to me on that occasion to pick up one point which I felt needed further attention, namely, that there may well be cases in which it is not necessarily in the ordinary course of business that an institution would have both current and deposit account facilities. It might wish 1257 not to have current accounts. Indeed, some of the recent directions of banking indicate that current accounts are not necessarily part and parcel of banking, other than retail banking, and that some merchant banking and financing activities may be conducted in another manner. The Minister of State said that he would give the matter further thought.
I have tabled the present amendment in order, I hope, to obtain a comment from the Minister. Perhaps he will even find it acceptable.
§ Mr. Denzil DaviesI take the point made by the hon. Member for Hitchin (Mr. Stewart). As he said, the amendment arises out of our discussions in Committee. I am quite happy to recommend its acceptance.
§ Amendment agreed to.