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Debate on bill and Committee proceeding on Thursday, 8 May 2008, in the House of Lords.

Sale of Student Loans Bill

Secondary information

Type
Parliamentary proceeding
Reference
701 c167-206GC 
Session
2007-08
Department
Department for Innovation, Universities and Skills
Legislative stage
Committee stage
Chamber / Committee
House of Lords Grand Committee
Related items
Proceeding contributions
Baroness Verma | 701 c177-8GC (Link to this contribution) moved Amendment No. 6: 6: Clause 1, page 2, line 11, at end insert— ““( ) In advance of entering i...
Baroness Sharp of Guildford | 701 c172GC (Link to this contribution) It is a pertinent point, because we may see student loans sold on to foreign-owned banks. An answer ...
Show all contributions (61)
Baroness Morgan of Drefelin | 701 c169-71GC (Link to this contribution) I thank the noble Baronesses, Lady Sharp and Lady Verma, for their comments, giving me the opportuni...
Baroness Verma | 701 c189GC (Link to this contribution) Like the noble Baroness, Lady Sharp, I did not think that it was a private company.
Lord Tunnicliffe | 701 c189GC (Link to this contribution) It may be helpful to know that we own it. Nevertheless, my understanding is that it was created unde...
Baroness Verma | 701 c190GC (Link to this contribution) This gets even more confusing. All along, we have been clearly told that the loans would be sold thr...
Baroness Sharp of Guildford | 701 c197GC (Link to this contribution) We are also extremely unhappy at the open-ended nature of this amendment. It seems in many senses to...
Baroness Morgan of Drefelin | 701 c205GC (Link to this contribution) moved Amendment No. 20: 20: Clause 5, page 4, line 13, leave out ““2(2)”” and insert ““2”” On Que...
Baroness Verma | 701 c173-4GC (Link to this contribution) I shall speak to Amendments Nos. 3 and 5. I want to touch briefly on a matter that was the cause of ...
Baroness Morgan of Drefelin | 701 c172GC (Link to this contribution) It might be helpful if I write to the noble Baroness on that unless I come back to her later with a ...
Baroness Sharp of Guildford | 701 c171GC (Link to this contribution) I am grateful to the Minister for her reply and her sympathy with the cause that I have argued. She ...
Baroness Sharp of Guildford | 701 c189GC (Link to this contribution) I am grateful to the Minister for his spelling out of these things. As I suggested, my amendments we...
Baroness Verma | 701 c186GC (Link to this contribution) I shall be brief. The noble Baroness, Lady Sharp, is right: I call a spade a spade. The Bill specifi...
Baroness Verma | 701 c190GC (Link to this contribution) Returning to the two amendments tabled in my name, it is important for clarity to the purchaser that...
Baroness Morgan of Drefelin | 701 c182-4GC (Link to this contribution) That calls into question whether that purchaser wants to be part of the securitisation process. If i...
Baroness Morgan of Drefelin | 701 c184GC (Link to this contribution) We are talking about a programme of sales, not a big, one-off sale. In truth, each sale will, no dou...
Baroness Verma | 701 c185GC (Link to this contribution) As I have said, I will go back and have a good read of this. I beg leave to withdraw the amendment. ...
Lord Brougham and Vaux | 701 c199GC (Link to this contribution) I should advise the Committee that if Amendment No. 12 is agreed to I cannot call Amendment No. 13.
Baroness Morgan of Drefelin | 701 c200-3GC (Link to this contribution) As we have heard, this group of amendments addresses onward sales. First, I think that we all share ...
Baroness Sharp of Guildford | 701 c194-6GC (Link to this contribution) I shall start by addressing Amendments Nos. 10 and 17 and then come back to Amendments Nos. 15 and 1...
Baroness Morgan of Drefelin | 701 c197-8GC (Link to this contribution) I thank the noble Baronesses for their comments. I hope I can come back with some reassurances. The ...
Baroness Morgan of Drefelin | 701 c204GC (Link to this contribution) moved Amendment No. 14: 14: Clause 3, page 3, line 27, at end insert— ““(8) References in this sec...
Baroness Morgan of Drefelin | 701 c180-2GC (Link to this contribution) I feel that I need to congratulate the Committee on anticipating some of the things that I am about ...
Baroness Sharp of Guildford | 701 c176-7GC (Link to this contribution) I am very grateful to the Minister for her reply. I am particularly delighted that she will take awa...
Baroness Verma | 701 c176GC (Link to this contribution) I thank the Minister for her response. I am still unsure about purchases that may be underwritten by...
Baroness Sharp of Guildford | 701 c172-3GC (Link to this contribution) moved Amendment No. 2: 2: Clause 1, page 2, line 4, at end insert— ““( ) Transfer arrangements sha...
Baroness Sharp of Guildford | 701 c171GC (Link to this contribution) I thank the Minister for that clarification. She is of course correct. The useful note to the Bill ...
Baroness Verma | 701 c168-9GC (Link to this contribution) It is often noted that our job in this Committee is to give in-depth, line-by-line scrutiny to legis...
Lord Tunnicliffe | 701 c190GC (Link to this contribution) The SLC is a non-departmental public body as well as a private company. The key thing is that it is ...
Baroness Sharp of Guildford | 701 c182GC (Link to this contribution) What happens if the purchaser stipulates that it wants to have loans where there is a good repayment...
Baroness Morgan of Drefelin | 701 c182GC (Link to this contribution) When we talk about the purchaser, we are talking about the special-purpose vehicle that will purchas...
Baroness Sharp of Guildford | 701 c182GC (Link to this contribution) Suppose the purchaser says that it will make the purchase only if those are the loans in the basket?...
Baroness Verma | 701 c184GC (Link to this contribution) I thank the Minister for trying to allay our fears. However, I am not an economist like the noble Ba...
Baroness Verma | 701 c184-5GC (Link to this contribution) I thank the Minister for that. My point is that I have a great concern that the current climate is n...
Baroness Sharp of Guildford | 701 c185GC (Link to this contribution) I share the reservations expressed by the noble Baroness, Lady Verma, on this issue. It is important...
Baroness Sharp of Guildford | 701 c185-6GC (Link to this contribution) moved Amendment No. 8: 8: Clause 2, page 2, line 19, at end insert ““by such organisation as may b...
Baroness Verma | 701 c199GC (Link to this contribution) moved Amendment No. 11: 11: Clause 3, page 3, line 20, at end insert— ““( ) Transfer arrangements ...
Baroness Verma | 701 c204GC (Link to this contribution) I thank the Minister for that clarification. However, the worry that we have on our Benches, as the ...
Baroness Verma | 701 c196-7GC (Link to this contribution) I wholeheartedly agree with the noble Baroness, Lady Sharp, about how this impacts on students. With...
Baroness Sharp of Guildford | 701 c190GC (Link to this contribution) I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. [Amendment No. 9 not moved....
Baroness Morgan of Drefelin | 701 c205-6GC (Link to this contribution) moved Amendments Nos. 22 to 25: 22: Clause 6, page 4, line 18, leave out ““In relation to transfer...
Baroness Sharp of Guildford | 701 c179-80GC (Link to this contribution) I have added my name to Amendment No. 6 and Amendment No. 7, which is in this group, is tabled in my...
Baroness Sharp of Guildford | 701 c177GC (Link to this contribution) It is not on the face of the Bill. Therefore, the borrowers might be worried. The Teaching and Highe...
Baroness Morgan of Drefelin | 701 c177GC (Link to this contribution) The Bill does not allow the Government to transfer power to amend terms and conditions. The amendmen...
Baroness Morgan of Drefelin | 701 c174-6GC (Link to this contribution) I shall start with the last point first. The student loans payments are collected through HMRC along...
Baroness Morgan of Drefelin | 701 c171GC (Link to this contribution) Anonymised information will be available to those who are interested in becoming purchasers. Persona...
Baroness Verma | 701 c171GC (Link to this contribution) A purchaser in the UK will abide by the legislative requirements here, but where is the data protect...
Baroness Sharp of Guildford | 701 c167-8GC (Link to this contribution) moved Amendment No. 1: 1: Clause 1, page 1, line 13, at end insert ““including the obligation to p...
Lord Tunnicliffe | 701 c186-9GC (Link to this contribution) This group of amendments covers repayment and collection arrangements after sales have been made. Th...
Baroness Verma | 701 c190GC (Link to this contribution) I will have to go back and get some more questions for the Minister on that because I am slightly th...
Baroness Morgan of Drefelin | 701 c204GC (Link to this contribution) There will be provisions in the contract to ensure that the Secretary of State is notified of any on...
Baroness Sharp of Guildford | 701 c203GC (Link to this contribution) I am grateful to the Minister for her response. I see that gremlins have got into the amendments. I ...
Baroness Verma | 701 c203-4GC (Link to this contribution) I, too, thank the Minister for her responses. The noble Baroness, Lady Sharp, raises some important ...
Baroness Sharp of Guildford | 701 c200GC (Link to this contribution) My amendment is one of those little amendments that changes ““may”” to ““shall””. It refers to subse...
Baroness Sharp of Guildford | 701 c199-200GC (Link to this contribution) I shall speak to Amendment No. 13, which is in my name. In doing so, I seek to clarify the situation...
Lord Tunnicliffe | 701 c190GC (Link to this contribution) The Secretary of State owns the loans. He will sell the loans. The SLC services them. It provides a ...
Baroness Verma | 701 c190GC (Link to this contribution) Forgive me for persisting. I will take back the information I have got today, mull over it and perha...
Baroness Morgan of Drefelin | 701 c190-4GC (Link to this contribution) moved Amendment No. 10: 10: Clause 2, page 2, line 30, at end insert— ““(4A) Transfer arrangements...
Lord Tunnicliffe | 701 c199GC (Link to this contribution) I beg to move that the Committee do now adjourn during pleasure until 4.29 pm. Moved accordingly, a...
Subjects
Cost effectiveness Assets Graduates Privatisation Loans Repayments Students Revenue and Customs Student Loans Company
Legislation
Sale of Student Loans Bill 2007-08
Link
View this Parliamentary proceeding on www.publications.parliament.uk