§ Mr. Stratton Millsasked the Chancellor of the Exchequer, in the recent letter of the Governor of the Bank of England on the restriction of credit, what definition was included for the guidance of the recipients on the Government's aims on regional development to which the banks should have regard in making credit available; and if he will publish the letter.
§ Mr. CallaghanThe letter referred in general terms to the Government's aims on regional development. It is the established practice that the text of letters of 135W the kind from the Governor of the Bank of England to banks are not published.
§ Mr. Stratton Millsasked the Chancellor of the Exchequer to which banks the recent letter of the Governor of the Bank of England on the restriction of credit was sent; and which of these banks were not included among those to whom a similar letter was circulated in 1961.
§ Mr. CallaghanThe letter was sent to the Committee of London Clearing Banks, the Committee of Scottish Bank General Managers, the Northern Ireland Bankers' Association, the British Bankers' Association, the Accepting Houses Committee, the Foreign Banks and Affiliates' Association and the American banks in London, all of which received a letter in 1961. On this occasion, it was also sent to the Bank of Japan on behalf of Japanese banks in London.
§ Dame Irene Wardasked the Chancellor of the Exchequer what official procedure is followed before the Bank of England makes recommendations to clearing and other banks; and whether this procedure was followed before the Bank of England's recent advice was issued on the restriction of credit to support national financial policy.
§ Mr. MacDermotI would refer the hon. Member to my right hon. Friend's reply of 14th December to the hon. Member for Belfast, North (Mr. Stratton Mills).