HC Deb 03 July 1978 vol 953 c53W
Mr. Nicholas Winterton

asked the Chancellor of the Exchequer how much income the Bank of England takes in per year on the legally-required maintenance of a non-interest-bearing balance by clearing banks of 1½ per cent. of their eligible liabilities.

Mr. Denzil Davies

There is no such legal requirement. The arrangements referred to were agreed between the Bank of England and the clearing banks in 1971.