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Banking

Volume 707: debated on Tuesday 27 January 2009

Question

Asked by

To ask Her Majesty's Government whether they will issue guidance to United Kingdom deposit-taking institutions advising them that the maintenance of an address within the United Kingdom by British subjects should not be necessary for opening a deposit account in the United Kingdom. [HL221]

The law is clear. There is no legal bar to accepting deposits from non-residents. The decision by a bank whether to accept deposits from non-residents is therefore a commercial one on which it would not be right to issue guidance.