Clause 155
Banking Bill
10:00 am
Ian Pearson (Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform; Dudley South, Labour)
When we reach the debate on pre-funding, I shall reiterate our commitments that we do not regard pre-funding as something that would happen immediately. We would discuss it with the Bank of England and the Financial Services Authority at the appropriate time. Foreign banks with subsidiaries in the United Kingdom that are regulated by the Financial Services Authority would be part of the Financial Services Compensation Scheme, but foreign banks with branches—the case with two of the Icelandic banks—are regulated by the Icelandic authorities and are not part of the FSCS.