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Banking (Special Provisions) Bill

My Lords, I know from my personal capacity that the European Commission is looking at this deal very closely and with a particular view to ensuring that the state aid rules are enforced to avoid any unfair competition. We also have a powerful and strong financial services sector here, which is also watching like a hawk. It will be among the first to raise complaints if it sees any likelihood of any risk to competition. Speaking as a former competition regulator, I see no risk or harm to competition in these arrangements. I reassure the House that the state aid rules will make it very certain that there will be no possibility of any unfair competition by these arrangements.