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Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009

I thank the noble Baroness, Lady Noakes, and the noble Lord, Lord Newby, for their comments. I referred earlier to consultation. I remain strongly of the view that good legislation and effective orders are more likely to arise as a consequence of an open consultation in which thinking is exposed to challenge and those responsible for drafting are informed by a wider community of experts. That is particularly the case in orders of the sort we are looking at today, relating to what we all recognise are extraordinarily complex technical matters. In parenthesis, one might say that perhaps bankers should give some thought to whether complexity is something to be eschewed in future in the interest of going back to something simpler and more straightforward. However, for the time being, we need to ensure that the orders we have in place are consistent with the needs of the sophisticated banking market. I shall seek to ensure that, in developing future orders, we will be alert to the benefits of consultation and will seek out consultees rather than simply waiting for them to come to us; although in the same way that I, quite extraordinarily, failed to achieve an animated debate about something as interesting as these orders, it may be a Herculean challenge to get more than the usual suspects to express views on orders of this sort. However, it is incumbent upon government, and to government’s benefit, to encourage wide consultation. In developing orders, we will benefit from the advice that we receive. Motion agreed.