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Banking Bill

When he looks at subsection (2) following the intervention of my noble friend Lord Higgins, the Minister might also wish to consider whether the Treasury will be happy to appoint ““a person””; the noble Lord said that it might appoint a panel. My understanding is that a panel is not necessarily a separate legal entity and, therefore, a person. I am not sure that subsection (2) would allow the Treasury to appoint a panel unless it were constituted as a legal entity, which may or may not be the case. The Minister spent most of his time talking about independence from the Treasury, which clearly struck a raw nerve, as if that were to be the only thing guaranteed by independence. The main burden of my reasons for tabling the amendment was to ensure that the valuer was independent of the subject matter being valued—the failed bank and the property being transferred—and that the issue was adequately dealt with. The Minister referred me to Article 6 of the European Convention on Human Rights. I need to think about whether simply reading the convention in relation to the Bill is a sufficient set of safeguards, and I shall do that between now and Report. I hope that the Minister will also consider subsection (2) before then.