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Banking Bill

My Lords, I have given hypothetical examples because we do not have an illustration of how the procedure works. Where a drafting error has been identified, leading to confusion and uncertainty as to whether the intended result has been achieved, it may be difficult to say that it is ““necessary”” to amend the instrument retrospectively. It may be possible for the parties to muddle through on the basis of the existing wording, in many cases living with the possibility of litigation on the point. However, that is not desirable; it is far better to put the parties in the position that they thought they were in. The amendment would probably prevent us achieving the security for the parties involved so that no one could challenge their position.