SAVINGS BANKS FUNDS INVESTMENTS

HL Deb 04 April 1968 vol 290 cc1456-7WA

LORD MITCHISON

asked Her Majesty's Government:

What are the investments, or types of investments, referred to in subsection (3) of Section 35 of the National Insurance Act 1946 as authorised for savings banks funds.

LORD BESWICK

The types of investments authorised by Parliament for investment by the savings banks funds are defined in Section 17(1) of the Post Office Savings Bank Act 1954, and in Section 32(1) of the Trustee Savings Banks Act 1954, as follows:

1. (a) Parliamentary securities created or issued under the authority of an Act of Parliament where those securities are securities for the interest on which provision is made by Parliament or are securities directly chargeable on the Consolidated Fund of the United Kingdom, or
2. (b) stock or debentures or other securities expressly guaranteed by authority of Parliament or the due 1457 payment of the interest on which is expressly guaranteed by authority of Parliament, or
3. (c) securities which are issued in respect of a loan raised by the Government of Northern Ireland or securities the interest on which is for the time being guaranteed by the Parliament of Northern Ireland.