---

Banking Bill

If the hon. Gentleman is fortunate enough to serve on the Public Bill Committee, I am sure he will find that we can get into the details of the issue then. A number of hon. Members raised the issue of partial transfers. The Government listened to many of the representations that have been made on this matter. I refer hon. Members to clauses 43, 55 and 42, which provide safeguards. I emphasise again that we recognise the importance that market participants attach to those safeguards. That is why I have announced the creation of an expert liaison group to ensure that all available industry expertise is brought on board. In recognition of the views of industry and the Opposition, it has been agreed in principle by the usual channels that we will make sure that we consider the special resolution regime later on in our deliberations on the Bill, including in Committee. That should allow sufficient time to ensure that a draft code on part 1 is available. It will also enable us to be clear about the general principles behind some of the secondary legislation associated with clauses in parts 1 to 3 of the Bill. We are taking action to strengthen the authorities' institutional arrangements, primarily through announcing the Bank of England's role in respect of financial stability. The Bank will have a new statutory objective relating to financial stability, and I note that that was welcomed by a number of right hon. and hon. Members. Again, we can discuss the detail in due course.