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Banking Bill

The noble Baroness has raised two questions. I shall seek to answer both with clarity. First, the executive director of the bank responsible for financial stability reports to the deputy governor responsible for financial stability. Therefore, the most senior executive director in the bank, reporting to the governor with responsibility for financial stability, will be on the Financial Stability Committee. Secondly, the frequency of meetings of the Financial Stability Committee will be for the committee to determine and will, to some extent, be driven by events. However, I imagine that the committee will take up a considerable amount of time. In the specification for recruiting new members of court, which is a matter of public record, we made it clear that members of court who sit on the Financial Stability Committee are likely to have to commit additional time. From recollection, I think we have talked about two days per month for members of court and three to four days per month for members of court who will sit on the Financial Stability Committee. I hope that I have answered the noble Baroness’s question fully and ask her to withdraw her amendment.