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Clearing Banks (Debt Provision)

Volume 974: debated on Monday 19 November 1979

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asked the Secretary of State for Trade if he will take action against the clearing banks under section 149(6) of the Companies Act 1948, in the light of the considered conclusion of the Inter Bank Research Organisation that they have continued to overstate their bad and doubtful debt provisions.

I have no reason to believe on present information that the accounts of the clearing banks contravene section 149(6) of the Companies Act 1948.