Parliamentary Search

Proceeding contribution from Lord Barnett (Labour) in the House of Lords on Tuesday, 13 January 2009. It occurred during Committee of the Whole House (HL) and Debate on bill on Banking Bill.

Banking Bill

I do not wish to raise Lehman Brothers because I recognise that the Minister was not responsible for the appalling mistake that was made in that case, but the question of investment banks is crucial. Clause 2(2)(c) states that ““bank”” does not include, "““any other class of institution excluded by an order made by the Treasury””." Does that not leave it wide open to the Treasury to decide on this matter? I do not necessarily have an objection to that, but I would like to know precisely what my noble friend understands to be the interpretation of ““bank”” under Clause 2(2)(c).

Secondary information

Type
Proceeding contribution
Reference
706 c1147-8 
Session
2008-09
Chamber / Committee
House of Lords chamber
Subjects
Disclosure of information Codes of practice Accountability Administration Assets Bank services Banks Credit unions Building societies Bank of England Deposits Financial institutions Insolvency Legislation Government assistance Financial Services Authority Financial markets Foreign companies Protection Public sector Public expenditure Nationalisation Terrorism Regulation Shareholders Treasury Financial Services Compensation Scheme Northern Rock Freezing of assets
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Proceeding contribution on www.publications.parliament.uk