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Banking Bill

Before I move on to more general points, I want to come back to the Minister on that point. The conditions in Clause 7 on which the FSA must satisfy itself are in the context of the special resolution regime; they do not exist for their own sake. They are there only in the context of the special resolution regime. Therefore, the question has to be asked: why is the FSA making a decision under Clause 7 without reference to the special resolution regime? The FSA could make a decision under Clause 7 that had no implications for the issues raised in Clause 4, yet those issues must be taken into account by the Bank and the FSA in the exercise of the stabilisation powers. We do not believe that that conflict has been adequately explained, and, with respect, we do not think that it was adequately explained by the Minister just now. Perhaps he would like another go.