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

Banking Bill

My Lords, this is an interesting amendment. Bringing up the issue of whether the Glass-Steagall Act should be re-enacted is important. In theory, such a report is a good idea, but I think that the problem with some of these investment banks has really been not necessarily whether the model itself is right but often that their levels of gearing have been far too high. That is what has caused a lot of problems for these investment banks. It is not necessarily a question of whether the investment banking idea itself is wrong. I support the principle of the amendment.

Secondary information

Type
Proceeding contribution
Reference
707 c645-6 
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