Banks

HC Deb 03 June 1992 vol 208 c556W

Sir Thomas Arnold

To ask the Chancellor of the Exchequer if he will encourage British banks to compete within the EC.

Mr. Nelson

The United Kingdom has been in the forefront of those arguing in Brussels for measures that will create a single market in banking in the EC. The second banking directive, together with a series of directives harmonising prudential rules across the EC, will come into force in January 1993. This will result in the removal of barriers to cross-border expansion and improved competitive opportunities for British banks wishing to do business throughout the Community.