§ Mr. MeacherTo ask the Chancellor of the Exchequer what reports the Bank of England has received from its representative in the Cayman Islands about losses suffered by local subsidiaries of the company Newarthill; what action the bank has taken in respect of these; and if he will make a statement. [7805]
§ Mrs. Angela Knight[holding answer 11 January 1996]: None. The Bank of England has no representative in the Cayman Islands. Neither Newarthill plc nor any of its subsidiaries is subject to Bank of England supervision.