---

Banking Bill

My Lords, I add my voice to the sceptical comments from all parts of the House. When I first went through the Bill, this was the part which I found least convincing. We should be grateful to the noble Lord, Lord Eatwell, in particular for setting out so clearly the arguments for replacing the Financial Stability Committee, as defined already, with something that has a better chance of working in practice, and what legislative form that might take. I therefore ask the Government to consider very seriously the points that have been made in this short debate. I do not believe that a group of people with the varied experience of those who have contributed to this debate is likely to go on some blind journey without any sort of conviction that there is a sensible destination. It may be that the solution would be to withdraw these clauses from the Bill and wait for the large regulatory Bill which will come before too long. That would be a sensible way to deal with it, so I support the noble Lord, Lord Eatwell, without necessarily agreeing with all the details that he has put forward.