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Banking Bill

I thank the Minister for that reply. I understand the Government’s rationale in respect of ““may”” or ““shall”” in my Amendment 88, in the particular in relation to the way in which Clause 48(2) is drafted. I see that that my amendment is not appropriate there. The Government ought not to object to my Amendment 92. If they are in earnest about getting the statutory instrument out coterminously with Royal Assent, no problem would arise. If for some reason the statutory instrument were delayed—there could be many reasons for that; for example, continuing discussions with the parties about it—my amendment would provide a failsafe mechanism which would otherwise not be necessary. It would apply only to deal with legal certainty in that period. I emphasise that a period of uncertainty because the statutory instrument is not in force could cause banks to unwind a whole series of transactions. That would be most unfortunate. I regard Amendment 92 as something to be considered further between now and Report. That will depend partly on progress in producing a statutory instrument that is acceptable to all parties. If there is any doubt about that, I may wish to return to the issue. As I have said, legal uncertainty during what might be only a transitional period could be as damaging as legal uncertainty in the whole area. With those comments, I beg leave to withdraw the amendment. Amendment 88 withdrawn.