HL Deb 08 July 1993 vol 547 c73WA
Lord Spens

asked Her Majesty's Government:

Whether Section 47 of the Financial Services Act 1986 applies to the United Kingdom branches of Dutch banks.

The Earl of Caithness

Yes, where breaches occur in the circumstances set out in Section 47(4) and (5) of the Financial Services Act in so far as they relate to investment activities.

Lord Spens

asked Her Majesty's Government:

Whether the Bank of England is satisfied with the standard of prudential supervision exercised by the Dutch supervising authority over Dutch banks in the United Kingdom.

The Earl of Caithness

The Bank has no reason to question the Dutch supervisors' discharge of their responsibilities.