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Trustee Savings Banks

Volume 77: debated on Thursday 18 April 1985

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asked the Chancellor of the Exchequer what are his responsibilities and those of Her Majesty's Government in relation to the trustee savings banks.

Under the Trustee Savings Banks Act 1981, which consolidated earlier legislation, the Treasury, the National Debt Commissioners and the Chief Registrar of Friendly Societies have wide powers over trustee savings banks. The Treasury's powers extend in particular to the determination of the assets in which trustee savings banks may invest, to the approval of the appointment of the chief officer of the Trustee Savings Banks Central Board, and to a number of matters in relation to the fund for the banks for savings. The relationship between the Government and the trustee savings banks is described in the White Paper entitled "Trustee Savings Banks" (Cmnd. 9415) published in December 1984.