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Banking (Special Provisions) Bill

moved Amendment No. 11: 11: Clause 11, page 10, line 41, leave out ““any enactment”” and insert ““the Building Societies Act 1986 (c. 53)”” The noble Lord said: I shall also speak to the other two government amendments, Amendments Nos. 12 and 13, in my name. The House will appreciate that these amendments are in response to one of the central recommendations of the Delegated Powers and Regulatory Reform Committee, which reported yesterday, that the Bill be changed to specify the enactments that may be amended by the Treasury under the clause. Another government amendment deals with another of the core recommendations of the Delegated Powers and Regulatory Reform Committee that the clause be subject to the affirmative procedure. In addition, the removal of subsection (4)(b)—the purpose of Amendment No. 13—means that the Treasury cannot use an order made under the clause to apply any enactment to building societies that otherwise would not apply. The only such enactments that we would want to apply would be certain provisions of insolvency law, but this is now dealt with by the additional reference to Sections 90 and 90A of and Schedules 15 and 15A to the Building Societies Act 1986, which deal with the application of insolvency legislation to building societies. The narrowing of the clause as a consequence of the amendments will enable the Treasury to modify only the Building Societies Act 1986, and I hope that this meets the central concerns which the DPRRC put before the House. I therefore hope that the House will accept Amendment No. 11. I beg to move.