HL Deb 24 May 1993 vol 546 cc3-4WA
Lord Spens

asked Her Majesty's Government:

Whether they are aware of the policy of the Bank of England in relation to Schedule 3 to the Banking Act 1987 that "no supervisory action is required on the Bank's part" to investigate the promotion of advance-fee loan fraud schemes by the London branches of certain Dutch banks and, if so, whether this inactivity has their approval; and

Whether, the spread of advance-fee loan frauds promoted by the London branches of certain Dutch banks is an activity which should properly be the subject of supervision by the Bank of England under Schedule 3 to the Banking Act 1987.

The Earl of Caithness

Following the implementation of the Second Banking Co-ordination Directive, the prime responsibility for the supervision of London branches of Dutch banks rests with the Dutch supervisory authorities, not the Bank of England. If the Bank were aware of any evidence about possible involvement in fraud, it would inform the Dutch supervisors and, where appropriate, the police or other authorities.