§ Lord O'Brien of Lothbury asked Her Majesty's Government:
§ What is their present position in negotiations on the European Commission draft directive (5692/81+Rev) on the Annual Accounts of Banks 1324 etc. taking into account the conclusions of the European Communities Committee 4th Report, Session 1981–82 (H.L. 42) and the subsequent debate (H.L. debates 8th February 1982).
§ The Minister of State, Ministry of Agriculture, Fisheries and Food (Lord Belstead): The Commission issued a revision of its proposal for a directive on this subject on 14th March; an explanatory memorandum was submitted to Parliament on 13th April (5902/84). Discussions at expert level then began in Brussels in May; the Government expect these to continue for some time before recommendations can be made to the Council.
§ We are taking full account of your Lordships' debate on the Select Committee's valuable report. But substantive discussion in Brussels of the coverage of the proposed directive has so far barely begun. On undisclosed reserves, the Government consider that the present proposal in principle runs counter to the trend towards the transparency and comparability of accounts established in other Community legislation.