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Independent Commission on Banking

My Lords, I am grateful to my noble friend for welcoming the Government’s response to the ICB. On his question about timing, I cannot go further than what I said already: that we will bring out a White Paper in the spring, followed by the draft legislation and that we will get all the draft legislation, primary and secondary, through in this Parliament. There is a detailed table in the response document published today of all the ICB recommendations and whether they require legislation or could be put in place by regulatory action. There are other things which are already proceeding, particularly on competition, and there are other matters where regulatory action can take place. I was grasping to think what my noble friend’s second question was. I can indeed confirm what he said about the Government’s firm intention regarding bonuses for this year.