Proceeding contribution from Baroness Noakes (Conservative) 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 thank the Minister for those remarks. I think that we are at one in saying that temporary public ownership should be a last resort. That is part of what I am trying to tease out, it is certainly what the Minister in another place said quite clearly and it is what government White Papers have said. If we are clear about that, the only issue is whether that is lived out in this Bill. My question was: if, in a situation where the FSA has said that the conditions in Clause 7 are met, and both conditions in Clause 8 and 9 are met—because it would be perfectly possible for a single situation to satisfy the requirements for both the Bank and the Treasury to Act; although there might be cases where only the Bank, not the Treasury, could act, there would be cases where both could act—how do we ascertain that it is the action of last resort? That is my only question.
Secondary information
- Type
- Proceeding contribution
- Reference
- 706 c1214
- 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
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- 2024-01-27 13:48:46 +0000
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