§ Mr. Harry GreenwayTo ask the right hon. Member for Selby, as representing the Church Commissioners what representations the Church Commissioners have received about the need for a full investigation of the losses incurred by their companies and subsidiaries. [27843]
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§ Mr. AlisonThe Social Security Select Committee, in its Second Report, Session 1994–95, comments that the growth of the Commissioners' subsidiary companies needs further investigation and we have received a small number of other representations about the use of subsidiary companies. These representations appear to be based on the misconception that subsidiaries were created in order to conceal losses from readers of the Commissioners' unconsolidated accounts. That is quite untrue.
The Commissioners' accounts—whether unconsolidated or, as now, consolidated—have always reflected profits and losses on all their investments, including those held by subsidiaries. I am glad of the opportunity to make that clear and I am arranging for a copy of a detailed letter to the chairman of the Social Security Select Committee clarifying the role of the Commissioners' subsidiaries to be sent to the hon. Member and to be placed in the House of Commons Library.