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Banking Bill

I am not in a position to know what was in the mind of my colleague in the other place when he made that remark. I can, however, help the Committee by explaining the situation as I see it. There is a linkage between the financial system and what the media occasionally call ““the real economy””. To regard the two as entirely dislocated from each other is to pose the risk of increased systemic risk. Although it would be wrong for me to put words into the mouth of my colleague in another place, that linkage between the financial system and non-financial institutions, the non-financial part of the economy, was entirely consistent with addressing a systemic risk to the financial system. In that respect, there is consistency between what I have said and what my honourable friend in the other place said. The noble Baroness raised the definition of ““institution””. ““Institution”” would clearly not include manufacturing companies. Questions were raised about the comments of the Council of Mortgage Lenders. I welcome the comments of the noble Baroness on public-interest considerations, which I am sure will be appreciated by those who will benefit from the Homeowners Mortgage Support Scheme. She asked about parliamentary scrutiny and the impact assessment. Parliamentary scrutiny of the Homeowners Mortgage Support Scheme will take a range of forms: adjournment debates, parliamentary Questions and ministerial correspondence. An impact assessment will be published once negotiations with the lenders have concluded. Until the scheme’s design is finalised, we cannot publish an assessment of costs and benefits, but will do so at the appropriate time. The noble Baroness also raised questions about—