§ Mr. Weetchasked the Chancellor of the Exchequer if he will investigate whether loans to the Berger group of companies amounting to £1.14 million recorded in the Britannia Building Society's AR11 for 1981 under the special advances section infringed building society regulations laid down by his Department.
§ Mr. Ian StewartAs my predecessor explained to the hon. Member, it would be contrary to the public interest to give information about the monitoring by the registry of particular societies except where the Chief Registrar has used his statutory powers to restrict the operations of a society, or following the appointment of inspectors.
The public record shows that the Britannia Building Society made special advances, including the advances referred to by the hon. Member, of 0.78 per cent. of total advances in 1981. It was permitted by section 22 of the Building Societies Act 1962 to make up to 10 per cent.
If the hon. Member has any other point in mind, perhaps he would write to me.
§ Mr. Weetchasked the Chancellor of the Exchequer whether the Chief Registrar of Friendly Societies will investigate the circumstances of the loan of moneys by the Britannia Building Society at various times since 1964 on the security of Hollington Court, Chislehurst, previously purchased by the Bernard Clarke group of companies through funds originally raised by mortgage with the Leek and Westbourne Building Society.
§ Mr. Ian StewartIf the hon. Member has any specific point on any advances which may have been made, which he considers should be investigated in the interests of protecting investors, perhaps he would write to me.