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Sterling Deposits

Volume 984: debated on Tuesday 6 May 1980

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asked the Chancellor of the Exchequer if he will publish in the Official Report the sterling deposits in United Kingdom banks owned by overseas banks on a weekly basis since the abolition of the exchange control.

Monthly information on various categories of sterling deposits—for example separating those of overseas residents from those of United Kingdom residents—for three types of overseas banks—American, Japanese and " other "—are published in Financial Statistics—respectively tables 6.11, 6.12 and 6.13 in the latest issue—April 1980. Figures for total sterling deposits, including certificates of deposit, covering all three types of overseas banks are provided below for end-banking month dates since the abolition of remaining exchange controls from 24 October 1979.

STERLING DEPOSITS WITH UNITED KINGDOM BRANCHES AND SUBSIDIARIES* OF OVERSEAS BANKS
(£bn)
1979
November 2113·9
December 1214·2
1980
January 1613·7
February 2014·3
March 1914·5
Source: Financial Statistics, Tables 6.11, 6.12 and 6.13.
* Consortium banks, that is banks which are owned by other banks but in which no one bank has a direct shareholding of more than 50 per cent., and in which at least one shareholder is an overseas bank—could arguably be
included. Their sterling deposits are relatively small, amounting to £0.8 bn on 19 March 1980—see Table 6.14 of Financial Statistics.
Weekly information is not available.