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Banking Bill

My Lords, of course we recognise that there are anxieties over Clause 75. I already indicated, with regard to the formal group of amendments, that we were eager to discuss this further, given the strength of representation on the matter. I accept the noble and learned Lord’s point, but we are debating an affirmative order that is related to an emergency provision, so there is not much room for movement. We have explored these issues extensively, but it goes without saying that I will reflect on what has been said in this afternoon’s debate. I always stand ready to meet noble Lords about these matters. We are not presenting, within this framework, anything particularly exceptionable: 28-day orders are not used frequently, but they have been in existence for well over half a century and they relate to emergency provisions. The Executive must of course be held to account, but it is not possible, in dealing with a bank resolution under these special resolution procedures—we are talking about a highly specific context in which these powers are exercised—for a judgment to be made subsequently that people acted unlawfully and could therefore be found guilty accordingly. The bank resolution procedure could not possibly work like that. That is why we are so firm about the necessity of the clause as it stands. However, I assure the noble and learned Lord that I will meet him at any time, with my officials, to discuss this matter further.