Skip to main content

Particulars Of Amounts Outstanding To Be Included In Accounts

Volume 980: debated on Monday 3 March 1980

The text on this page has been created from Hansard archive content, it may contain typographical errors.

I beg to move amendment No. 292, in page 69, line 7, at end add—

'(2A) Subsection (2) above shall not apply in relation to any transaction, arrangement or agreement made by a recognised bank for any of its officers or for any of the officers of its holding company.'.

With this it will be convenient to discuss amendment (a) to the principal amendment, proposed in line 1, leave out 'subsection (2)' and insert 'subsections (2) and (3)'.

This amendment exempts recognised banks from the need to publish in their accounts the aggregate figures of loans and so on, to officers other than directors. I commend this amendment to the House.

Amendment (a), in the name of my right hon. Friend the Member for Crosby (Sir G. Page), would have the effect of releasing recognised banks from the obligation to publish aggregate figures of loans to directors and connected persons. I hope that my right hon. Friend will appreciate, for the reasons that we discussed at some length in Committee, that the Government cannot accept this amendment.

Amendment agreed to.

I beg to move amendment No. 271, in page 69, line 29, at end add—

'(4A) Where by virtue of section 150(2) of the 1948 Act a company does not produce group accounts in relation to any financial year subsections (2) and (3) above shall have effect in relation to the company and that finacial year as if the word "group" were omitted.'.
This amendment performs the same function for clause 56 as amendment No. 252, which we have already discussed, does for clause 54.

Amendment agreed to.