asked Her Majesty's Government:When they expect to receive the conclusions of the negotiations on the proposed establishment of the Universal Bank. [HL610]
Lord Sainsbury of Turville
Good progress is being made with the development of Universal Banking Services. Agreement in principle was reached on 20 December 2000 with six banks (Barclays, Lloyds TSB Ltd, RBS/NatWest, 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. The intention is for the banks to sign a memorandum of understanding within the next few weeks.