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Banking Bill

I wonder whether the noble Lord, Lord Eatwell, would make more progress if he concentrated on the secondary legislation that will be part of the legally binding system. There is provision in the Bill for the largest number of Statutory Instruments that you could imagine; indeed, there are already two draft Statutory Instruments in the document that includes the code of practice. When you read the code, the only conclusion you can come to is that the author has been very careful to point out that this may happen in these circumstances and that will happen in those other circumstances, and the two things are not compatible—you have to make a choice about whether you do one or the other. Unless there is a major rethink, the code of practice cannot be made legally binding, although of course the words ““have regard to”” could well be strengthened.