§ Ms. Mowlam
To ask the Chancellor of the Exchequer what steps he has taken to satisfy himself that all EC authorities regulating banks with branches in the United Kingdom provide a satisfactory degree of supervision; and what conclusions he has reached.
§ Mr. Maples
The harmonisation of supervisory standards within the EC is an area of considerable activity at Community level, in preparation for implementation of the second banking directive in 1993. The essential common standards have already been adopted in the solvency ratio directive and the own funds directive, and directives to harmonise further other aspects of the supervisory system are under negotiation at present. We shall be considering whether the BCCI case has any further lessons for the framework of regulation both at home and abroad.