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Banking Bill

I express my thanks to the noble and learned Lord, Lord Mackay, who I think has helped to provide the right answer to the question posed by the noble Lord, Lord Higgins. The drafting reflects that all parties will be consulted but that specific authorities are vested with specific tools. Objective 1, which the noble and learned Lord also draws attention to, is, "““to protect and enhance the stability of the financial systems of the United Kingdom””," whereas objective 2 refers to, "““public confidence in the stability of the banking systems of the United Kingdom””." With regard to our earlier discussions on Landsbanki, misrepresentations and misunderstandings, objective 2 is designed to address situations in which confidence is at risk and to recognise that that is an important issue when promoting financial stability that goes over and beyond the stability of the financial systems of the United Kingdom, or could do in certain circumstances.