§ Mr. Whitakerasked the President of the Board of Trade what steps he is taking to prevent further bank failures; whether he is satisfied with the present legal requirements for the setting up of a bank; what banks his Department are investigating; and if he will make a statement.
§ Mr. JayThe issue of advertisments for deposits to the public is restricted in certain respects by the Protection of Depositors Act, 1963. As regards concerns falling within this Act, the Board of Trade are at present investigating the situation of Davies Investments Ltd. under Section 18 of the Act. I would prefer to ascertain the facts in this particular case before reaching conclusions about amendment of the law.