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Banking Bill

I plead not guilty to any part of the decision of the Economic Affairs Committee to meet at the same time as this Committee. I welcome the appearance of the noble Lord, Lord Forsyth of Drumlean, and respect his great knowledge of banking matters. We discussed these matters at some length earlier. It may not have been to everybody’s satisfaction, but other noble Lords and I referred to the simple question of who is in charge. The answer is that people are in charge in their spheres of competence and expertise, and the tripartite committee brings together the Treasury’s responsibility for public assets and the taxpayer, the FSA’s responsibility for effective regulation and effective markets and the Bank of England’s responsibility for overall financial stability. With all respect, I am not much inclined to go back into that debate at this stage. We covered it at some length. I suggest that the answer is that a person is in charge for the appropriate situation as contemplated in the Bill and as matched by his competence and expertise.