Cyprus

David Burrowes Excerpts

Monday 18th March 2013 Commons Chamber

[Greg Clark]

The hon. Lady will know that these matters have been discussed in the House. The Prime Minister has made a speech in which he said that if he is re-elected there will be such a referendum. As to whether the legislation should come before the House before the general election, that is for others.

[Mr David Burrowes (Enfield, Southgate) (Con)]

The Minister will no doubt sympathise with a new Government picking up an appalling financial legacy and having to make tough decisions, but the raid on deposits was extraordinary and unprecedented. Will he provide assurance to my constituents that not only are the Laiki bank branches and the Bank of Cyprus, the headquarters of which is in my constituency, open for business, but the deposits are guaranteed, and that that deposit guarantee scheme applies and will continue to apply whatever the decision of the Cypriot Parliament?

[Greg Clark]

I applaud the work that my hon. Friend does as chairman of the all-party group on Cyprus. The proposal that has been made would certainly protect his constituents who have deposits in those banks, and the final terms are being discussed in the Cypriot Parliament. Certainly, those banks that have subsidiaries in the UK are governed by the UK regulators and subject to the UK financial compensation scheme.