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Proceeding contribution from Baroness Noakes (Conservative) in the House of Lords on Tuesday, 3 February 2009. It occurred during Debate on bill on Banking Bill.

Banking Bill

Amendment 67 67: After Clause 168, insert the following new Clause— ““Compensation limits After section 213 of the Financial Services and Markets Act 2000 (the compensation scheme) insert— ““213A Compensation payable to depositors (1) Each depositor will be entitled to receive from the scheme manager in respect of each bank brand a sum which is the lower of— (a) the deposit protection amount; and (b) their gross balance held by the person. (2) The ““deposit protection amount”” is £50,000. (3) The Treasury may by order amend the figure in subsection (2). (4) The Treasury may by order either in general or specifically determine what constitutes a bank brand. (5) An order under this section may not be made unless a draft statutory instrument containing such an order has been laid before, and approved by a resolution of, each House of Parliament.””””

Secondary information

Type
Proceeding contribution
Reference
707 c584 
Session
2008-09
Chamber / Committee
House of Lords chamber
Subjects
Disclosure of information Compensation Consumers Accountability Audit Assets Debts Bank services Banks Delegated legislation Advisory services Bank of England Finance Liability Financial institutions Insolvency Government assistance Financial Services Authority Holding companies Protection Payments Public interest Public sector Public expenditure Parliamentary scrutiny Loans Post offices Post Office Nationalisation Regulation Rural areas Treasury Financial Services Compensation Scheme National Loans Fund Financial Stability Committee Sunset clauses Retrospective legislation
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Proceeding contribution on www.publications.parliament.uk