§ Mr. Wigleyasked the Chancellor of the Exchequer what information he has as to the number of banks operating in the United Kingdom which are classified by the Bank of England as overseas banks; and what proportion this represents of the total number of banks recognised by the Bank of England operating in the United Kingdom.
§ Mr. LawsonThe latest figures show that, as at 15 June 1981, of the 284 institutions granted recognised bank status by the Bank of England under section 3 of the Banking Act 1979, 193—68 per cent. were branches or subsidiaries of overseas banks—162 branches, 31 subsidiaries.
§ Mr. Wigleyasked the Chancellor of the Exchequer on what basis representative offices of overseas deposit-taking institutions are allowed to describe themselves as banks, within the United Kingdom, when they fall outside the criteria on which a United Kingdom originated operation would be allowed by the Bank of England to use the title of bank.
§ Mr. LawsonSection 36(9) of the Banking Act 1979 provides that a representative office of an overseas institution may use a name under which the overseas institution carries on a deposit-taking business in a country outside the United Kingdom, provided that the description "representative office" is used in immediate conjuction and equal prominence with the name.