§ Mr. Staintonasked the Chancellor of the Exchequer what estimate he has made of the impact on building societies of the greater freedom afforded to banks arising from the Bank of England's consultative document, "Competition and Credit Control".
§ Mr. NottThe impact of greater competition by the banks for funds following the introduction of the new monetary arrangements in September 1971 has been felt mainly in the markets for very large deposits, and there are not indications 101W that the banks have drawn funds from the building societies on any significant scale.
§ Mr. Staintonasked the Chancellor of the Exchequer whether, for the convenience of the House, he will issue a White Paper updating and combining the consultative document "Competition and Credit Control", and the directive, "Reserve Ratios and Special Deposits", issued by the Bank of England in May and September 1971, respectively, and appraising these new techniques of monetary policy, in the light of subsequent events and inflation.
§ Mr. NottNo. My hon. Friend will find the original documents reprinted in the Bank of England Quarterly Bulletin; "Competition and Credit Control" in the June 1971 number and "Reserve Ratios and Special Deposits" as a supplement to the September 1971 number. Some further developments in the arrangements are described in an article in the Bank of England Quarterly Bulletin for March 1973. The operation of the new techniques of monetary policy is of course kept under constant review.