§ Mr. Quentin Davies
To ask the Chancellor of the Exchequer how the powers in section 23 of the Banking Act will be exercised in relation to European Community countries.
§ Mr. Lawson
The United Kingdom would, of course, fully respect its Community obligations when exercising its discretion to use its powers under section 23 of the Banking Act 1987. The United Kingdom would not use these powers against persons, companies or firms exercising any of their legitimate rights under Community law.