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Kaupthing Singer & Friedlander Limited (Determination of Compensation) Order 2008

My noble friend will know that I have tabled Questions raising that issue about two other banks. The reality is that in Iceland the bank was run by three people—the governor and two others—with a supervisory board, elected by the Members of Parliament, that clearly did not know what was going on in great detail. Are we saying that banks operating within the UK, where billions of pounds are at risk, can be subject to the whims and decisions of three men sitting in an office in Iceland, determining exactly what is going to happen with regard to the management of that bank and all the implications of that? Surely that cannot be right.