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Proceeding contribution from Baroness Noakes (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

My noble friend has made his usual eloquent and amusing case. I agree with the main thrust of his amendment, which is that there needs to be better disclosure in the accounts of banks. I have one quibble with him, which is that it is headed ““Audit of banks”” and requires auditors to put things in the notes to the banks’ accounts. There are many questions to be asked about the role of auditors in the financial crisis but I do not think one of the answers is to give them power to write things in the banks’ annual reports. That is for the banks themselves. If this were headed ““Accounts of banks””, it would be a more straightforward amendment, but I completely support the thrust behind it.

Secondary information

Type
Proceeding contribution
Reference
707 c155 
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