Select Committee on Treasury Minutes of Evidence

Supplementary Note from Halifax plc

  Further to our conversation this afternoon, I though it might be useful for me to set out Halifax's position on money transmission and small business banking.


  Halifax welcomed the Treasury's recent announcement that the OFT will take on responsibility for overseeing the UK money transmission system. Improving the transparency of the money transmission system is an important task; the Halifax will also make a submission to the Treasury about the proposed new arrangements.


  The Halifax believe that small business banking is an attractive market segment. The sector's margins appear to be generous in comparison with, for example, the Group's main mortgages and savings business. The Group would consider entering the market through the Halifax brand, provided it had the right management team in place.

  Separately, Intelligent Finance intends to offer small businesses competitive deposit accounts through its telenet—Internet and telephone—banking service. Esure, the Group's telephone and internet insurer, also expects to provide commercial insurance packages to smaller businesses.

  I trust this is of assistance.

25 January 2001

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