§ Mr. Kenneth Carlisleasked the Chancellor of the Exchequer whether he has received further proposals from the Trustee Savings Bank central board; and if he will make a statement.
§ Mr. Bruce-GardyneSince my reply to the hon. Member for Lewisham, West (Mr. Price) on 24 January, I have received proposals in somewhat greater detail from the TSB central board and have broadly accepted them. Among the points covered are the central board's plan that the issue of shares in a future TSB group plc would be made by a straightforward offer for sale with preference for customers and staff; and arrangements to protect the independence of the TSBs, particularly in the immediate aftermath of the share issue, and to encourage a broad spread of ownership in the hands of individuals. Discussions between the Treasury and the TSB central board are continuing on the further development of these and all other aspects of the proposals, with a view to legislation in due course.