§ Mr. Dell
asked the Secretary of State for Trade and Industry whether he will 264W publish a list of banking companies exempted from the requirements of the Protection of Depositors Act; and if he will make a statement on his policy on exemption.
§ Mr. Ridley
Until 1st April, 1970, the banking companies exempted from the Protection of Depositors Act, 1963, were those recognised for the purposes of Schedule 8 to the Companies Act, 1948. A list of these companies has been published each year in the Companies General Annual Report. Since 1st April, 1970, the Department has been prepared to exempt other banking companies and for this purpose has regard to the standing of applicants—such as their appointment by the Treasury as authorised dealers for the purposes of the Exchange Control Act, 1947—over a period of years; their capital structure; and the nature of their business, which should include a wide range of banking services. The list in the Annual Report for 1970 will show all the exempted companies, including those which are not recognised for the purposes of Schedule 8.