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Johnson Matthey Bankers

Volume 78: debated on Wednesday 1 May 1985

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asked the Chancellor of the Exchequer (1) what action the Bank of England took prior to the collapse of Johnson Matthey Bankers in pursuance of its duty to supervise the banking system;(2) whether the review of the arrangements for banking supervision will comment on the justification of the Bank of England's takeover of Johnson Matthey Bankers; and if he will make a statement;(3) whether the review of banking supervision will deal with the monitoring by the Bank of England's banking supervision department of Johnson Matthey prior to its collapse and the steps it took prior to the collapse to identify and seek to correct Johnson Matthey Bankers' difficulties.

[pursuant to the replies, 2 May 1985, c. 245–46 and 7 May 1985, c. 657]: As the hon. Member is aware, the answers which appear in the official record were not authorised by Ministers and the House has received an apology for and explanation of the episode.The Governor of the Bank of England will include in the bank's annual report to the Chancellor under the Banking Act 1979 an account of events concerning Johnson Matthey Bankers and the subsequent rescue operation. This report will be published and a copy laid before the House in the usual way.I have nothing further to add to the replies given in my name on 2 and 3 May.