Parliamentary Search

Proceeding contribution from Lord Myners (Labour) in the House of Lords on Monday, 26 January 2009. It occurred during Committee of the Whole House (HL) and Debate on bill on Banking Bill.

Banking Bill

I can confirm that ““the Secretary of State”” covers all Secretaries of State; that is normal. The individual Secretary of State who uses the powers under Clause 225 will be accountable to Parliament. The noble Baroness, Lady Noakes, mentioned some words used in the other place with reference to ““systemic risk””. The problem is that the noble Baroness’s amendments limit the systemic risk to the banking and financial system. The government amendments are intended to allow schemes with wider scope, so as to avoid vicious circles of banks damaging the economy and, in turn, damaging banks.

Secondary information

Type
Proceeding contribution
Reference
707 c64 
Session
2008-09
Chamber / Committee
House of Lords chamber
Subjects
Disclosure of information Compensation Codes of practice Audit Assets Debts Bank services Banks Delegated legislation Bank of England Bank notes Deposits Credit rating Housing Finance Fees and charges Liability EU law Investment Financial institutions Insolvency European communities Government assistance Financial Services Authority Financial markets Foreign companies Private sector Membership Public expenditure Property Parliamentary scrutiny Loans Post offices Monetary policy Statistics Regulation Stocks and shares Valuation Treasury Financial Services Compensation Scheme National Loans Fund Northern Rock Financial Stability Committee Sunset clauses
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Proceeding contribution on www.publications.parliament.uk