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Banking Bill

My Lords, I shall move Amendment 24 and speak to the other amendments in my name in this group. I say at the outset that I anticipate a harmonious outcome for this group of amendments. Amendments 24 and 32 amend Clauses 24 and 41 respectively so that where the Bank of England makes a share transfer instrument or a property transfer instrument and sends it, in accordance with those sections, to the Treasury, the Treasury must in turn lay it before Parliament. In Committee, we debated the Delegated Powers and Regulatory Reform Committee’s recommendation that the House consider a parliamentary approval process for these instruments because they have the same effect as temporary public ownership. In Committee, I was persuaded—just—that that procedure was unnecessary, although whether that proves to be the correct judgment will be tested only when the Bank exercises those powers if, indeed, it does so. If there is any doubt about the appropriateness of the Bank's action, that could well call into question whether it should be allowed to have confiscatory powers without direct parliamentary oversight. However, as I say, I have accepted that point. My fallback position was that there ought to be at least a formal notification to Parliament. The Government agreed to take the issue away and they have tabled Amendments 25 and 31. They deal with the same points as my Amendments 24 and 32 and therefore, if asked nicely, I shall withdraw them. For the convenience of the House, I shall speak briefly to Amendments 32 and 33, which are in this group, although I do not intend to move them. In Committee, we debated the parliamentary procedures attached to the various supplemental and other types of procedure in Clauses 26, 30, 31, 42, 43 and 44, and the Minister and I were completely at cross purposes. The Minister subsequently wrote to explain how that procedure fits into the rest of the Bill so that my points were unnecessary. I overlooked the Minister’s letter in my rush to put my amendments down for Report, so I apologise to the House for cluttering up the Marshalled List, and I apologise to the Minister for not paying more attention to his letters.