Early day motion tabled by primary sponsor Lord Campbell-Savours (Labour), on Tuesday, 22 January 1991, in the House of Commons. It is signed by 1 members in total.

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GERRARD AND NATIONAL (NO. 3)

That this House notes the refusal of Gerrard and National to respond to the detailed allegations of deals made by Gerrard and National in the period both immediately before and after United Kingdom entry into the ERM on Friday, 5th October 1990; questions why the company point blank refuses to answer the details of the allegations and confines its remarks to its October statement denying prior notification of United Kingdom ERM entry; notes that enquiries undertaken by Bank of England officials are being deliberately obstructed by the company who are directing their questions towards those employees of the bank who are either in a very junior position and easily influenced or senior directors who it is alleged are implicated; notes that those directors insist that the bank was being no more bullish on the Friday in question than on any other Friday in innocent anticipation of ERM entry; asks whether it is true that Mr D. Klein was interviewed and at whose suggestion; asks why Mr D. Davy, Mr R. Woodhouse, Mr N.S. Rogerson and Mr R. Grey were not interviewed; asks whether Bank of England officials have examined the personal account positions of at least three directors of the company in relation to G.N.I.; and expresses the view that the size of the transactions carried out by Gerrard and National throughout the period concerned was unique and requires the fullest possible enquiries.

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Secondary information

Type

Early day motion

Reference

326 

Session

1990-91

Subjects

Banks Currency speculation Inquiries Financial markets Exchange rates Exchange rate mechanism Gerard and National

Link

View this Early day motion on www.parliament.uk