---

Banking Bill

I beg to differ with the noble Viscount. The valuer clearly thought this was an important source of information. He has an important job to do. We have created him within the framework of independence with a clear undertaking that if there prove to be barriers to his effectiveness because of limited powers we will seek to solve that problem. We have addressed ourselves to this within the framework of the Bill. As I said in my opening remarks, any additional information-gathering powers provided to the valuers would be by Treasury order laid before both Houses of Parliament and subject to the draft affirmative procedure. Once granted to the valuer, the powers would of course be governed by a court or tribunal to judge how he exercises them. We cannot set up the independent position and then say that the whole operation is going to be run from the Treasury. The valuer who has taken this on has indicated to us where limitations on his power give him doubts about the successful fulfilment of his role. Accordingly, he has come to the Treasury and we sought to act within that framework.