§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer in what circumstances he requires building societies to account for negative equity.
§ Mr. NelsonBuilding society accounts are the responsibility of the board of directors and are subject to the usual independent audit. They must conform to the Building Societies Accounts Regulations and accounting standards generally. The Building Societies Commission has recently issued guidance to assist societies in arriving at provisions against a residential mortgage book.