1979-1987 - Mr Major’s Written Question on the Banking Act 1979
Below is the text of Mr Major’s Parliamentary written question on the Banking Act 1979, published on 22nd December 1981.
Mr. Major Asked the Chancellor of the Exchequer whether he will set out the present provisions leading to an issue of a licence under the Banking Act 1979; and if he is satisfied that the procedures are sufficient to safeguard the private investor.
Mr. Bruce-Gardyne The Bank of England has to be satisfied that certain criteria are met by an institution before it grants the institution a licence to carry on a deposit-taking business under the Banking Act 1979. The criteria are set out in part II of schedule 2 to the Banking Act 1979.
I am satisfied that the procedures under the Banking Act provide sufficient safeguards for depositors.