§ Mr. Hordernasked the Chancellor of the Exchequer when the provisions of the Banking Act 1979 will be brought into operation.
§ Mr. LawsonA statutory instrument was made today which will bring the following sections of the Banking Act into operation on 1 October 1979:
- (i) Part I—all sections,
- (ii) Part sections,
- (iii) Part IV—sections 38, 40 to 45, 47 to 48 (6), 49 to 50 and 52.
Part I sets up a statutory framework for the authorisation and supervision of deposit-taking institutions by the Bank of England and part III provides for the control of advertisments for deposits and for certain restrictions on the use of banking names and descriptions. Part IV contains various miscellaneous and general provisions.
It is intended that the remaining provisions of the Act—mainly the deposit protection scheme will be brought into operation some six months after 1 October 1979 or once the bulk of applications for deposit-taking authority have been dealt with. A further statutory instrument will be made in due course.