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Proceeding contribution from Lord Newby (Liberal Democrat) in the House of Lords on Monday, 2 February 2009. It occurred during Debate on bill on Banking Bill.

Banking Bill

My Lords, this amendment in essence incorporates an amendment that stood in my name in Committee, so I should like to associate myself with it. No one doubts that the position of the depositors in situations where a bank might be failing is the first priority. But, as I argued in Committee, the dilatoriness with which the Government obtained a solution to the Northern Rock situation and moved towards nationalisation harmed the interests of creditors and shareholders significantly. There was no evidence at any point that the Government took their interests into account. Therefore, while not wishing to detract from the importance of the position of depositors, this amendment, modest as it is, has much to commend it.

Secondary information

Type
Proceeding contribution
Reference
707 c495 
Session
2008-09
Chamber / Committee
House of Lords chamber
Subjects
Disclosure of information Compensation Codes of practice Consumers Accountability Directors Assets Bank services Banks Competition Delegated legislation Advisory services Building societies Bank of England Finance Human rights EU law Financial institutions Insolvency Government assistance Financial Services Authority Private sector Protection Pay Public appointments Pensions Public interest Property transfer Mergers Parliamentary scrutiny Pension funds Pension rights Nationalisation Regulation Shares Valuation Taxation Shareholders Treasury UK Financial Investments Financial Services Compensation Scheme Northern Rock Bradford and Bingley Hampton, Philip
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Proceeding contribution on www.publications.parliament.uk