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Mr. Parry
To ask the Secretary of State for Trade and Industry if he will make a statement on the future of Girobank.
Mr. Forth
The then Chancellor of the Duchy of Lancaster announced on 20 April that the Post Office Board had accepted a conditional offer from the Alliance and Leicester Building Society for Girobank. The Post Office and the Alliance and Leicester are engaged in detailed negotiations with a view to completing the sale as soon as practicable.The regulatory authorities will need to be satisfied and my consent will be required before the sale can take place.