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European Council: 15-16 October 2008

My Lords, it seems to me and, I think, to other noble Lords that a certain lack of integrity, honesty and candour, as well as incompetence in the financial services sector, has helped to get us into this problem. In the Statement, my noble friend spoke about greater regulation and greater transparency, and the need for change, to which the noble Lord, Lord Wallace, referred. Is my noble friend satisfied that that is enough to change this culture? If it does not change, these problems will arise in another form, as they have in the past and will in the future.