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Banking Bill (Money)

I understand the hon. Gentleman's point, but the proposals in the amendments strike the right balance and provide a high level of assurance about the Government's future actions. As we have repeatedly said during the Bill's passage, we hope that we will never have to use the powers in question, because we do not want banks to fail. However, we need powers to address the issue of bank holding companies. Our stabilisation objectives might not be met effectively if we retained only the power to act on a licensed deposit taker such as a bank. I believe that the hon. Gentleman accepts the general thesis that those powers are required, and I hope that the House will agree to the amendments.