Building Societies (Deposits)

Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 27th June 1985.

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Photo of Mr Ian Stewart Mr Ian Stewart The Economic Secretary to the Treasury 12:00 am, 27th June 1985

It is too early to say whether the abolition of the ceiling on deposits will have a material effect on the inflow of funds into building societies. Those funds determine the building societies' ability to lend at a particular rate. I draw my hon. Friend's attention to the speech that I made on 6 June in Eastbourne confirming many of the proposals in the Green Paper, which will enable the building societies to compete more effectively in the market place, especially on an equivalent basis to the banks.