To ask the Chancellor of the Exchequer on what date the Chelsea Building Society approached the Financial Services Authority (FSA) for consent to establish a banking subsidiary in Guernsey; on what dates meetings were held between the building society and the FSA; what matters were discussed at each such meeting; what conditions the FSA attached to the establishment of the subsidiary; and which of these conditions provided for protection of depositors. (252768)

The matters raised in this question are the responsibility of the Financial Services Authority, whose day to day operations are independent from Government control and influence.