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Proceeding contribution from Lord Newby (Liberal Democrat) 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, too, think that although, in general, greater openness is a good idea, in this case it does not really work. The noble Baroness has already excluded from the minutes the functions of the committee under paragraphs (a) and (b). I am slightly surprised that she has not included paragraph (c), as issues about how the Bank might use its stabilisation powers are bound to be specific to individual institutions. In any event, unlike the Monetary Policy Committee, which meets with metronomic regularity every month, it is envisaged that the FSC will meet, sometimes at very short notice, to deal with immediate problems informally and may meet several times a day. It is not the kind of body with which the publication of minutes sits.

Secondary information

Type
Proceeding contribution
Reference
707 c122 
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