§ Mr. Wilsonasked the Chancellor of the Exchequer what is the policy of the Bank of England towards granting recognition under the Banking Act to mutual organisations.
§ Mr. Ian Stewart[pursuant to his reply, 13 December 1985, c. 805]: Under the terms of the Banking Act 1979, the Bank of England may only authorise a United Kingdom organisation as a recognised bank or licensed deposit-taker if that organisation is a body corporate or a partnership meeting the other minimum criteria specified in the Act.