PARLIAMENTARY DEBATES

HOUSE OF COMMONS

OFFICIAL REPORT

Second Standing Committee on Statutory Instruments, &c.

DRAFT BUILDING SOCIETIES ACT 1986 (MODIFICATIONS) ORDER 1991

Tuesday 23 July 1991

LONDON: HMSO

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1

The Committee consisted of the following Members:

Chairman: Mr. James Hill

Atkinson, Mr. David (Bournemouth, East)

Baker, Mr. Nicholas (Dorset, North)

Battle, Mr. John (Leeds, West)

Beaumont-Dark, Mr. Anthony (Birmingham, Selly Oak)

Beith, Mr. A. J. (Berwick-upon-Tweed)

Bell, Mr. Stuart (Middlesbrough)

Boateng, Mr. Paul (Brent, South)

Burt, Mr. Alistair (Bury, North)

Carttiss, Mr. Michael (Great Yarmouth)

Clark, Sir William (Croydon, South)

Cohen, Mr. Harry (Leyton)

Davies, Mr. Quentin (Stamford and Spalding)

Favell, Mr. Tony (Stockport)

Livingstone, Mr. Ken (Brent, East)

Maples, Mr. John (Economic Secretary to the Treasury)

Mitchell, Mr. Austin (Great Grimsby)

Rooney, Mr. Terry (Bradford, North)

Walters, Sir Dennis (Westbury)

Wiggin, Mr. Jerry (Weston-super-Mare)

Mr. M. D. Hamlyn, Committee Clerk

2
3 Second Standing Committee on Statutory Instruments, &c. Tuesday 23 July 1991

[MR. JAMES HILL in the Chair]

Draft Building Societies Act 1986 (Modifications) Order 1991

10.30 am

The Economic Secretary to the Treasury (Mr. John Maples): I beg to move, That the Committee has considered the draft Building Societies Act 1986 (Modifications) Order 1991. The order makes two minor amendments to the Building Societies Act 1986. First, it brings a definition of subsidiaries into line with the new definition in the Companies Act 1989. Secondly, it 4 removes the exemption on building societies having to publish accounts of their subsidiaries to pave the way for the EC bank accounts directive. This is an entirely technical measure to pave the way for the implementation of that directive, but if members of the Committee have any questions, I am prepared to answer them.

Mr. Stuart Bell (Middlesbrough): I am grateful to the Economic Secretary for his brief and lucid statement on the order. We note that it implements an EC directive and that we are merely fulfilling our obligations. There are other times and places when one can make comments on the way in which EC directives relate to our banking sector, but this is not the moment for that.

Question put and agreed to

Committee rose at twenty-nine minutes to Eleven o'clock

THE FOLLOWING MEMBERS ATTENDED THE COMMITTEE:

Mr. James Hill, (Chairman)

Atkinson, Mr.

Baker, Mr. Nicholas

Beaumont-Dark, Mr.

Bell, Mr.

Burt, Mr.

Carttiss, Mr.

Clark, Sir William

Maples, Mr.

Wiggin, Mr.