Lord Beamish
Main Page: Lord Beamish (Labour - Life peer)Department Debates - View all Lord Beamish's debates with the HM Treasury
(11 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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.
Mr Kevan Jones (North Durham) (Lab)
The Minister has mentioned members of the armed forces, but clearly no scheme is yet in place. What advice is being given to members of the armed forces currently serving in Cyprus, and has the Ministry of Defence stopped the payment of wages and expenses into Cypriot bank accounts?
Greg Clark
The arrangements for advice on implementation of the commitment to compensate members of the armed forces cannot proceed until the Cypriots have decided on the final arrangements, which will be in the next few days. Having made the commitment to ensure that pensions are not paid into bank accounts to which access might be questionable, I will discuss the hon. Gentleman’s point with my right hon. and hon. Friends to ensure that similar arrangements are considered for the MOD.