PROTECTED DEPOSITS (Hansard, 19 February 1987)

§ Mr. Ian Stewart
I beg to move Government amendment No. 43, in page 44, line 17, leave out '£10,000' and insert '£20,000'.

Mr. Deputy Speaker
With this it will be convenient to take the following:
Amendment No. 44, in page 44, line 17, leave out '£10,000' and insert 'in full of £30,000, and then 90 per cent. of the balance between £30,000 and £50,000'.
Government amendment No. 45.

§ Mr. Stewart
These amendments increase the amounts of a protected deposit under banking legislation from £10,000 to £20,000. The figure for deposit protection under the Banking Act should be reviewed from time to time. Although such a change can be made at any time by statutory instrument, I am persuaded by the debate in Committee and by consideration of the case that the passage of a new Banking Bill offers a convenient occasion to do it. The change will give increased protection to depositors with banks. I hope that in that sense it will be welcomed by the House. I am also proposing to increase the limits on protective deposits with building societies to £20,000 at the same time.