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Financial Services Authority

My Lords, I am not in a position to know whether there was any consultation beforehand; nor do I believe that the Leader of the other place said that there should be a breach of the law. I can only repeat my own position which I made as a very clear statement to the noble Lord, Lord Stevenson, and Sir Tom McKillop in the meetings that I had with them on that long evening of Saturday 11 October. I have gone on for rather longer than I should have done but I appreciate noble Lords’ indulgence in that respect. I thank the noble Viscount, Lord Eccles, for his wise advice on the scale of the challenge that the noble Lord, Lord Turner, faces, and no doubt the noble Lord, Lord Turner, will take that into account. The Financial Services and Markets Act does give the FSA a financial stability objective in respect of its need to maintain market confidence. On the comments of the noble Lord, Lord Oakeshott of Seagrove Bay, I am advised by the Table that the noble Lord, Lord James of Blackheath, is not able to make a closing comment after I have spoken, but I would be very happy to give way should he wish me to do so. Would that be helpful?