§ Mr. Wardasked the Chancellor of the Exchequer whether he proposes to introduce legislation to enable the Government to meet the requirement of the proposed EEC directive on banking law for prior authorisation of deposit-taking institutions.
§ Mr. DellYes. In the light of this proposed directive, and experience in the domestic financial sector in recent years, the Government have decided in principle to introduce legislation which will enable them to meet this requirement. The form and timing of the legislation are sitll under consideration and will be announced as soon as possible.