Protective Provisions for Specially Formed Successors

Part of Orders of the Day — Building Societies Bill – in the House of Commons at 5:45 pm on 17th March 1997.

Alert me about debates like this

Photo of John Butterfill John Butterfill , Bournemouth West 5:45 pm, 17th March 1997

My hon. Friend is extremely generous in giving way once more. Can he name a bank that would be subject to the constraints imposed by clause 4, under which it would have to keep 75 per cent. of its total assets secured in loans on residential property? That is what the societies are required to do under the Bill. It is nonsense to suggest that a bank that had experience in loans in a range of commercial activities would be constrained in that way.