§ Mr. Caborn
asked the Chancellor of the Exchequer why he is appointing Monday 21 July as the vesting day for the TSB in view of the fact that the Treasury gave an assurance during the Lords hearing that no vesting date would be named until after the full judgment was available.
§ Mr. Ian Stewart
The Treasury gave no such assurance. In advance of their Lordships' judgments, in view of the differences in approach taken by the lower courts, counsel for the treasury explained the potential imporance of having the full text of their Lordships' opinions. However, the judgments, which were given without delay on 3 July, were unequivocal in finding unanimously against the appellant depositors on all counts. Having taken legal advice and consulted the TSB central board, as required by the Trustee Savings Banks Act 1985, the Government concluded that the judgments provided no basis for further delaying the implementation of the Act.