Economic and Monetary Union (Hansard, 4 June 1998)

§ Mr. Mitchell
To ask the Chancellor of the Exchequer how banking regulations and supervision of participant members of the euro will be brought into line; and who is responsible for ensuring this occurs. [44457]

Financial year Council stock as at 31 March (thousands) Stock owned by other publicly financed bodies^1,4 as at 31 March (thousands) Estimated total stock2 as at 31 December (thousands) Council stock as percent of all stock (col 2/col 4) (%) Stock owned by other publicly financed bodies as percent of all stock (col 3/col 4) (%)

1978–79 901 144 1,964 45.9 7.3

1979–80 904 147 1,982 45.6 7.4

1980–81 902 146 1,997 45.2 7.3

1981–82 896 145 1,970 45.5 7.4

1982–83 886 143 1,983 44.7 7.2

1983–84 871 139 1,998 43.6 7

1984–85 862 135 2,015 42.8 6.7

1985–86 853 132 2,032 42 6.5

1986–87 842 128 2,050 41.1 6.2

1987–88 824 124 2,067 39.9 6

1988–89 795 114 2,084 38.1 5.5

1989–90 764 105 2,104 36.3 5.0

1990–91 738 100 2,124 34.7 4.7

1991–92 711 94 2.160 32.9 4.4

1992–93 675 90 2.175 31 4.1

330W

§ Mrs. Liddell
The supervision of European Union credit institutions is already subject to a series of harmonising Directives, which impose minimum standards in a wide range of areas and help facilitate the Single Market. The Commission is responsible for ensuring that they remain up to date, and take account of developments in financial markets. The advent of Stage 3 of EMU does not change this responsibility.

§ Mr. Mitchell
To ask the Chancellor of the Exchequer if he will make a statement on his Department's responsibility to protect bank deposits in circumstances when banks lend transnationally under Economic and Monetary Union. [44448]

§ Mrs. Liddell
Deposits in UK banks, along with those in banks of other EU members, are covered by arrangements drawn up under the Deposit Guarantee Directive, which sets out minimum standards that apply throughout the Union. Stage 3 of Economic and Monetary Union has no effect on those arrangements.

§ Mr. Mitchell
To ask the Chancellor of the Exchequer who will supervise and regulate transnational banks under Stage 3 of Economic and Monetary Union. [44458]

§ Mrs. Liddell
The European Banking Directives, which harmonise standards of supervision of credit institutions within the EU, are based on the principle of Home State supervision. Although they may operate or offer services anywhere in the Union, credit institutions are required to have their registered office and head office in the same Member State, and the supervisory authorities there are responsible for its supervision throughout the EU. Stage 3 of Economic and Monetary Union will not change these arrangements.

Financial year	Council stock as at 31 March (thousands)	Stock owned by other publicly financed bodies^1,4 as at 31 March (thousands)	Estimated total stock2 as at 31 December (thousands)	Council stock as percent of all stock (col 2/col 4) (%)	Stock owned by other publicly financed bodies as percent of all stock (col 3/col 4) (%)
1978–79	901	144	1,964	45.9	7.3
1979–80	904	147	1,982	45.6	7.4
1980–81	902	146	1,997	45.2	7.3
1981–82	896	145	1,970	45.5	7.4
1982–83	886	143	1,983	44.7	7.2
1983–84	871	139	1,998	43.6	7
1984–85	862	135	2,015	42.8	6.7
1985–86	853	132	2,032	42	6.5
1986–87	842	128	2,050	41.1	6.2
1987–88	824	124	2,067	39.9	6
1988–89	795	114	2,084	38.1	5.5
1989–90	764	105	2,104	36.3	5.0
1990–91	738	100	2,124	34.7	4.7
1991–92	711	94	2.160	32.9	4.4
1992–93	675	90	2.175	31	4.1