Barclays, Lloyds and Martins Banks (Merger)

Part of the debate – in the House of Commons at 12:00 am on 25th July 1968.

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Photo of Mr Anthony Crosland Mr Anthony Crosland , Grimsby 12:00 am, 25th July 1968

The position on disclosure, as the right hon. Gentleman will know, is that the Companies Act, 1967 gave the Board of Trade power to withdraw the exemption from disclosure that had traditionally been granted to the banks and the discount houses. After considering the position, the Government decided not to move direct to full disclosure, but, as I announced to the House on 20th December last year, to require the banks and the discount companies to submit to the Bank of England for transmission to the Board of Trade their full accounts, including their allocations to hidden reserves. We said that we would review these over a period before deciding whether full disclosure would or would not be desirable.