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Banking Bill

Amendment 60 60: After Clause 31, insert the following new Clause— ““Additional procedures: supplemental instruments, &c. (1) As soon as is reasonably practicable after making a supplemental transfer under section 26, a bridge band share transfer instrument under section 30 or a bridge bank reverse share transfer instrument under section 31, the Bank of England shall send a copy to— (a) the bank, (b) the Treasury, (c) the FSA, (d) any other person specified in the code of practice under section 5. (2) As soon as is reasonably practicable after making a supplemental share transfer order under section 27, an onward share transfer order under section 28 or a reverse share transfer order under section 28, the Treasury shall send a copy to— (a) the bank, (b) the Bank of Englnd, (c) the FSA, and (d) any other person specified in the code of practice under section 5.”” I was hoping for a little rest. Amendment 60 proposes a new clause after Clause 31. Like the previous group of amendments, it relates to the exhausting group of clauses—Clauses 26 to 31—that alter, reverse, onward and so on in relation to the original share transfers. I could have proposed a similar new clause for the equally exhausting supplementary property transfer clauses—Clauses 42 to 46—but I hope that the Minister will take this amendment as representing both groups of clauses for the purposes of debate. Under Clauses 24 and 25 there are well defined procedures to ensure proper notification of an initial share transfer order or instrument. When we get to Clauses 26 to 31 there is absolutely no information procedure. My probing amendment asks why. I have drafted Amendment 60 to mirror the requirements for information set out in subsections (1) of Clauses 24 and 25. It requires information to be passed between the relevant authorities and anyone else specified in the code of practice. I should have gone further and mirrored subsections (2) of the clauses so that the facts would be made public by way of websites and newspapers. These supplementary clauses give wide powers, and it is possible for transactions to be carried out under them that are at least as significant as the initial transfers. There is no restriction of these clauses to small or de minimis transactions, and I am sure that would be resisted. For that reason, information and publicity is as important for the subsequent transactions as it is for the initial transactions. I am sure that the Minister will see the logic of this.