HC Deb 01 December 1986 vol 106 c468W
Mr. Gould

asked the Chancellor of the Exchequer if the Bank of England has been involved in the supervision, and eventual liquidation, of a licensed deposit taker called Oriental Credit; and if he will make a statement.

Mr. Ian Stewart

The Bank of England supervises all licensed deposit-takers and recognised banks under the Banking Act 1979 and subject to the requirement of confidentiality imposed by section 19 of that Act. The steps taken by the Bank under the Act in respect of any particular institution are a matter for the Bank. The Bank has informed me that Oriental Credit Ltd. decided to cease trading on 3 October 1986, that a liquidator was appointed by the creditors at a meeting on 27 October, and that Oriental Credit Ltd. has been removed from the Bank's list of institutions licensed under the Act.

Mr. Gould

asked the Chancellor of the Exchequer what assessment he has made of the implications for his policy on banking supervision by the Bank of England of its appointment of a liquidator in the case of Oriental Credit.

Mr. Ian Stewart

I refer to my answer of today to the hon. Member which explains that the liquidator was appointed by the creditors.