§ Mr. ThompsonTo ask the Secretary of State for Foreign and Commonwealth Affairs, pursuant to his answer of 22 March 1999,Official Report, column 58, if he will make a statement on the measures which the Government of Gibraltar and the Gibraltar Financial Services Commission need to have in place before Her Majesty's Government will be in a position to approve the passporting by Gibraltar-based credit institutions of banking services into the United Kingdom and elsewhere in the European Union. [79442]
§ Ms QuinThe remaining measure which the Government of Gibraltar need to have in place before Her Majesty's Government will be in a position to approve pas sporting of banking services by the Gibraltar-based credit institutions is the establishment of a Deposit Guarantee Scheme. We understand that the necessary legislation has been passed by the Gibraltar House of Assembly and will enter into force shortly.
In addition, Her Majesty's Government will need to amend the Banking Act 1987 before Gibraltar-based credit institutions will be in a position to passport banking services into the United Kingdom.