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Employees' Savings Banks

Volume 437: debated on Monday 12 May 1947

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asked the Minister of Transport what will be the effect of the Transport Bill upon railway employees' savings banks, especially regarding trusteeships, powers to invest deposits, persons entitled to make deposits, the rate of interest payable on deposits and the presentation of accounts.

The Commission will inherit precisely the same rights and liabilities as the railway companies now possess. While the Commission would have no power to abrogate any rights of depositors, they will no doubt wish to consider whether as a matter of long-term policy the facilities for saving by their staff should not be assimilated to those provided by the National Savings movement.

Did the right hon. Gentleman consult the National Union of Railwaymen and other unions on this matter before the Transport Bill was presented?