§ Mr. Austin Mitchell
To ask the Chancellor of the Exchequer whether he has any proposals for legislation under which all banks operating in the United Kingdom would be required to have(a) independent audit committees and (b) internal audit departments.
§ Mr. Nelson
The Bank of England's "Banking Act Report 1987–88", laid before the House on 18 May 1988, and the bank's "Statement of Principles" make it clear that the bank is committed to United Kingdom-based banking groups having independent audit committees where this is feasible. The hank also reviews the value of internal audit arrangements when assessing a bank's control and management systems.