§ Mr. Leeasked the Secretary of State for the Environment if he is satisfied that adequate safeguards exist to protect both investors in building societies and mortgagors; and if he will make a statement on this subject in the light of the recent crash of the Grays Building Society.
§ Mr. Denzil DaviesI have been asked to reply.
These are matters which we shall be considering when inquiries into the irregularities at the Grays Building Society are completed. In the meantime the Building Societies Association has undertaken that Grays shareholders and depositors will not lose their money. The arrangements being made to implement this undertaking take fully into account the interests of mortgagors.