---

Banking Bill

I recognise the important point that the noble Baroness makes, and I assure her that the Government take transparency and openness very seriously. Indeed, government Amendment 174B already requires the Treasury to report to Parliament when the Consolidated Fund is accessed directly under the emergency procedure that I explained a short while ago. The noble Baroness’s amendment would go further in providing for regular reporting of financial assistance given under Clause 225, whether or not the emergency procedure was used, and of loans from the National Loans Fund made under Clause 226. However, there may be some difficulties with what the noble Baroness proposes. Some thought may need to be given to whether the Treasury should report on other departments’ schemes. There is also the danger—it is always a danger with provisions of this kind—that prescribing too many detailed requirements will produce an unhelpful straitjacket which limits the usefulness of the reports produced. The noble Baroness asked about the authority under which the subscription of £37 billion in bank capital was made. This was made under Clause 225. It is possible for departments to incur expenditure as long as the provisions providing authority have received a Second Reading. The noble Lord, Lord Higgins, asked about reporting on what has already been done, and may well be done in the future. I understand the concerns raised and I will take it away as I should like to look further into the subject and return to it on Report. I hope that that will satisfy the noble Baroness and that she will feel able to withdraw the amendment.