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Banking (Special Provisions) Bill

It might have been tempting to have a Bill that simply had one clause saying, ““Let's nationalise Northern Rock.”” It is just not possible to do that. As hon. Members are aware, the procedures of this House require that for a specific Bill on one institution we adopt a procedure that can take some years rather than a matter of days. It is because of the urgency of establishing the certainty that the board needs in order to run the bank—it is a bank and it is important that the board has that authority and certainty—that we need that legislation. I have said on previous occasions that I think that we need to make more substantial reforms to the banking and supervisory system. We also need to learn from what is happening in different parts of the world, as systems in many countries have been found to be in need of reform. To carry on with that consultation is important.