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Banks: Switzerland

Volume 470: debated on Tuesday 15 January 2008

To ask the Chancellor of the Exchequer if he will take steps to bring subsidiaries of Swiss banks operating in the UK under equivalent banking regulatory arrangements as apply to those of EU member states. (177373)

UK registered subsidiaries of Swiss banks are subject to the EU regulatory arrangements and requirements relevant to the business they carry out. Any UK subsidiary carrying out banking business will be subject to regulatory oversight by the Financial Services Authority (FSA). The FSA will apply the relevant directives, including supervision of capital adequacy in accordance with the EU capital requirements directive, at the level of that subsidiary.