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National Girobank

Volume 76: debated on Wednesday 3 April 1985

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asked the Secretary of State for Trade and Industry if he will make a statement about the financial objective for the National Girobank.

The existing target expired on 3 April 1985. A new objective has been agreed with the Post Office Board to run for three years from 4 April 1985. During this period, the target will be for the National Girobank to make an annual average return, before interest on long-term loans from the Secretary of State, of 22 per cent. of mean net assets on the historical cost accounting convention.