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Banking Bill

My Lords, I cannot. However, aspects of this legislation and the special resolution powers, and the fact that we are trying to envisage and cover that which for obvious reasons we cannot accurately identify, coupled with the obvious need to act with great speed to achieve the resolution of the problem, give this Bill a unique quality. The context of the Bill is also unique. I am not in any way, shape or form disparaging the significance of other pieces of legislation for our fellow citizens on which I have commented. However, they scarcely relate to a Bill that is trying to curb the catastrophe which has fallen on the financial system, and through that, on the wider economy and the whole of the country. Therefore, the Bill has particular salience. The powers will be used only to make the stabilisation powers, which are necessary to achieve the special resolution objectives, more effective. We have clearly set down the parameters under which the powers will be used. They are confined to this particular special resolution activity. The power can be used only in support of those objectives. The Bill further establishes that the power will not be used to amend the Bill itself, or the safeguards in secondary legislation made under the Bill. I, of course, accept that the House is straining to accept a wide-ranging power and that noble Lords seek assurances on how it will be used. The Government are therefore considering what guidance may be put into the code of practice on this issue. As the House has already heard, the authorities will be legally obliged to have regard to the code of practice. For the reasons I have set out, I ask noble Lords to withdraw their amendments. The noble and learned Lord, Lord Lyell, cited Craies on Legislation as giving useful, helpful and limited examples of retrospection. The author of Craies is the draftsman of this Bill.