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Proceeding contribution from Viscount Eccles (Conservative) 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 wish to pursue the question of this auditor. The auditor is an officer of the company. Auditors will recognise that he has a duty both to the directors of the company and to the shareholders. I urge the Minister to check whether, in a question of compensation, the reference to auditors encompasses the auditors of Northern Rock or is referring to the auditors of, for example, the bidders, which is a different matter. I entirely agree with my noble friend on the Front Bench; I cannot see why the bidders should provide anybody with any information. They failed in their bids and there is nothing they can say that will be of any value to the valuer.

Secondary information

Type
Proceeding contribution
Reference
707 c97 
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