§ Mr. Roperasked the Chancellor of the Exchequer if he will make a statement about the legislative implications for the United Kingdom of the recently adopted EEC directive on credit institutions.
§ Mr. Denzil DaviesThe Directive provides that member States shall have a system for authorisation of credit institutions prior to their setting up in business. Proposals for the legislation which will be necessary to implement the directive in the United Kingdom were set out in the White Paper "The Licensing and Supervision of Deposit-Taking Institutions" (Cmnd. 6584) published in August 1976. Work is proceeding on this legislation, which will be introduced as soon as Parliamentary time permits.