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Financial Services (Germany)

Volume 177: debated on Monday 23 July 1990

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To ask the Secretary of State for Trade and Industry what discussions are taking place within the European Community concerning opportunities for non-German firms and financial institutions to compete with West German companies in the provision of financial services in the former German Democratic Republic.

The Government expect United Kingdom financial firms to have the same access to the whole of Germany following unification as they presently have to the West German market, including the benefits that derive from European Community legislation on financial services. The EC's programme for the creation of a single European market for financial services, including new directives on banking, investment and insurance business, should ensure that firms from other member states enjoy greater opportunities in the German financial markets from 1 January 1993. The Government expect these directives to apply to the whole of the European Community, including the territory currently covered by the German Democratic Republic.