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Banking Bill

I hope that I can deal quickly with this amendment. It would delete subsection (4) of proposed new Section 2C of the 1998 Act inserted by Clause 228. This subsection allows the committee to delegate its functions. The FSC is not a large body, but the matters which it considers are inevitably very important. The noble Lord, Lord Myners, who is no longer in his place, described this as being at the heart of the Bank. It is difficult to see how the matters included in subsection (2) of proposed new Section 2A would not be important. To that extent, I cannot see that it would be necessary for a sub-committee of the court further to divide itself. What sort of things are envisaged, and why is it necessary to have a sub-committee of what we were told would be a pretty high-level committee intended to advise the governor and executive directors of the Bank on financial stability matters? I beg to move.