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Commercial Bank Of Wales (Subsidiary)

Volume 100: debated on Wednesday 25 June 1986

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asked the Chancellor of the Exchequer what information he has received about alleged misappropriations of funds of an Isle of Man based subsidiary of the Commercial Bank of Wales; what assessment has been made of the implications within the United Kingdom; and what action he has taken.

The Commercial Bank of Wales (Isle of Man) Ltd. is the supervisory responsibility of the Isle of Man authorities. I understand that in the course of normal contacts between regulatory bodies the Bank of England has been informed by the Isle of Man Government Financial Supervision Commission of this matter and assured that there is no risk to depositors' funds.