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Proceeding contribution from John McDonnell (Labour) in the House of Commons on Wednesday, 26 November 2008. It occurred during Debate on bill on Banking Bill.

Banking Bill

There is an element of incredulity about the Minister's statement. Can we just be clear? The Government lent those banks—those finance houses—£37 billion. In return, we expected them to show some restraint on repossessions, yet Northern Rock is repossessing faster than any other financial institution. We expected them, as a result of the money, to be able to lend between themselves and stimulate the banking economy once again, yet they refuse to lend. What, therefore, gives the Minister any confidence in the idea that they will also restrain their pay? The FSA has significantly failed up until now, and the conditions have failed up until now.

Secondary information

Type
Proceeding contribution
Reference
483 c833 
Session
2007-08
Chamber / Committee
House of Commons chamber
Subjects
Disclosure of information Compensation Codes of practice Consumers Directors Assets Debts Bank services Banks Credit unions Building societies Capital Deposits Finance Liability Financial services Financial institutions Exemptions Insolvency Government assistance Financial Services Authority Private sector Protection Pay Property transfer Public sector Publicity Mutual societies Nationalisation Shares Treasury Henry VIII clauses Financial Services Compensation Scheme
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Proceeding contribution on www.publications.parliament.uk