---

Banking Bill

Thinking back to the Northern Rock episode, I believe there was some problem at the time for the Governor of the Bank of England with regard to European legislation. It turned out that he was prevented from doing what he would like to have done by the way in which the implementation of that European legislation was carried through this House rather than the form in which it originated in Europe. That brings me to a point which is worth making and was made by the noble Lord, Lord Newby, a moment ago. To some extent it is related to the whole issue of property rights, which is picked up in objective 5. Clause 4(8) states: "““Objective 5 is to avoid interfering with property rights in contravention of a Convention right (within the meaning of the Human Rights Act 1998)””." But, surprisingly, Clause 4(9) states: "““The order in which the objectives are listed in this section is not significant; they are to be balanced as appropriate in each case””." Am I wrong in thinking that it is not possible for the provisions of the Human Rights Act, and in particular the European Convention which it reflects, to be balanced against these other objectives, and that the provisions of the Human Rights Act and the European Convention, which is an international convention, would be bound to prevail in any case?