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House of Lords Hansard
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Universal Banking Services
15 January 2001
Volume 620
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asked Her Majesty's Government:What progress has been made towards the establishment of the universal bank. [HL286]

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Agreement in principle was reached on 20 December 2000 with the following six banks, Barclays, Lloyds TSB Ltd, RBS/Nat West, HSBC, Abbey National and the Halifax, to contribute towards universal banking services at the Post Office. Discussions continue with other banks and building societies to examine what contributions they can make.

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asked Her Majesty's Government:How many high street banks have agreed to fund the universal bank; and which they are. [HL287]

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To date, six banks have agreed in principle to fund universal banking services at the Post Office. They are Barclays, Lloyds TSB, RBS/Nat West, HSBC, Abbey National and the Halifax.

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asked Her Majesty's Government:How much money they have agreed to contribute to the universal bank; on what terms; and for how long. [HL288]

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Until the full details of universal banking services have been settled, it is too early to say what government support may be required.

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asked Her Majesty's Government:Whether the funding of the universal bank provided by the high street banks is a once and for all payment or whether it is unlimited. [HL289]

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To date six high street banks have agreed in principle to contribute to universal banking services for a time period of five years.

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asked Her Majesty's Government:When the terms of the funding of the universal bank by the high street banks will be published. [HL290]

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The terms of funding universal banking services are commercially confidential to the Post Office and to those high street banks which agree to contribute.