§ Mr. Cohenasked the Chancellor of the Exchequer if he will make it his policy to answer questions on commitments or guarantees of, or relating to, public money by the Bank of England in support of financial institutions where the resources come, or may have to come, other than wholly from the bank's own resources; and if he will make a statement.
§ Mr. Ian StewartAny funds provided by Parliament, or financial guarantees relying on such funds, are subject to the normal procedures—including the accountability of the responsible Minister and if appropriate, the laying of a minute in respect of proposed guarantees. These procedures would naturally apply to any such funds or guarantees to enable the Bank of England to support financial institutions.
§ Mr. Cohenasked the Chancellor of the Exchequer if, pursuant to the answer of 25 November, Official Report, column 466, he will define what is encompassed within the term "the Bank's own resources".
§ Mr. Ian StewartThe resources at the disposal of the Bank of England which are reported annually in the accounts of its banking department.