§ Dr. Twinnasked the Chancellor of the Exchequer when the Board of Banking Supervision will be set up on a statutory basis.
§ Mr. LawsonThe board, which has operated since May 1986 on a non-statutory basis, has now been established under section 2 of the Banking Act 1987. I am grateful to the independent members of the non-statutory board (Sir Donald Barron, Mr. Andrew Caldecott, Mr. Deryk Vander Weyer, Mr. Nigel Robson, Mr. Harry Taylor and Mr. Alan Hardcastle) for indicating their willingness to serve on the new board. The Governor of the Bank of England and I have jointly appointed them to be the independent members of the new board.