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Universal Bank

Trade and Industry written question – answered on 13th May 2002.

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Photo of Mr Brian Cotter Mr Brian Cotter Shadow Spokesperson (Business, Innovation and Skills), Shadow Spokesperson

To ask the Secretary of State for Trade and Industry what progress has been made with discussions with the European Commission on the EU rules which forbid the Governments of member states from subsidising banks in relation to the proposed universal bank project.

Photo of Douglas Alexander Douglas Alexander Minister of State (e-Commerce & Competitiveness)

The European Commission has decided not to raise any objections to universal banking services. It informed the Government in February 2002 that it considers the measures notified to it to be compatible with the common market.

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