§ Mr. Majorasked the Chancellor of the Exchequer whether he will set out the present provisions leading to an issue of a licence under the Banking Act 1979; and if he is satisfied that the procedures are sufficent to safeguard the private investor.
§ Mr. Bruce-GardyneThe Bank of England has to be satisfied that certain criteria are met by an institution before it grants the institution a licence to carry on a deposit-taking business under the Banking Act 1979. The criteria are set out in part II of schedule 2 to the Banking Act 1979.
I am satisfied that the procedures under the Banking Act provide sufficient safeguards for depositors.