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Banking Bill

Secondary information

Type

Parliamentary proceeding

Reference

706 c1236-78 

Session

2008-09

Department

Treasury

Legislative stage

Committee stage

Procedure

New clauses

Chamber / Committee

House of Lords chamber

Related items

Banking Bill. Brought from the Commons.
Wednesday, 17 December 2008
Bills
House of Lords

Proceeding contributions

Baroness Turner of Camden | 706 c1274-5 (Link to this contribution) I thank the Minister. I am of course disappointed by the Government’s reaction to the amendment, bec...

Baroness Ford | 706 c1274 (Link to this contribution) Just to be absolutely clear, I was using ““independence”” as a term to mean independence of thought;...

Show all contributions (126)

Lord Myners | 706 c1274 (Link to this contribution) I am grateful to my noble friend for her comment. I certainly was not suggesting that that was her v...

Lord Davies of Oldham | 706 c1275-7 (Link to this contribution) Cluase 22: Termination rights, &c. Amendment 39 39: Clause 22, page 10, line 15, after ““means””...

Baroness Noakes | 706 c1277-8 (Link to this contribution) We have received no representations about these amendments, but the Minister will appreciate that th...

Lord Davies of Oldham | 706 c1278 (Link to this contribution) I greatly appreciate that response. I apologise to the noble Baroness for the limited time she has h...

Baroness Noakes | 706 c1297-8 (Link to this contribution) I have gained some insights into the arguments on the government side but I cannot say that I am in ...

Lord Davies of Oldham | 706 c1295-7 (Link to this contribution) I am grateful to the noble Baroness for the way that she explained the objectives behind her amendme...

Baroness Noakes | 706 c1294-5 (Link to this contribution) Amendment 40 40: Clause 22, page 10, line 16, after ““agreement”” insert ““to which the bank is a ...

Lord Davies of Oldham | 706 c1298 (Link to this contribution) Amendments 41 and 42 41: Clause 22, page 10, line 16, after ““that”” insert ““has the effect that””...

Lord Davies of Oldham | 706 c1299 (Link to this contribution) Amendment 43 43: Clause 22, page 10, line 27, at end insert— ““(1B) A Type 2 default event provisio...

Lord Stewartby | 706 c1299 (Link to this contribution) I apologise to the Committee for being so dim but I cannot understand Amendment 43. Proposed new sub...

Lord Davies of Oldham | 706 c1299 (Link to this contribution) I am not here to dispute whether the noble Lord’s dinner did or did not occur. We were discussing so...

Lord Eatwell | 706 c1299 (Link to this contribution) Perhaps I can help the noble Lord, Lord Stewartby. Surely the provision is about contracts that defi...

Lord Davies of Oldham | 706 c1299 (Link to this contribution) I am grateful to my noble friend. I was hopeful that the noble Lord, Lord Stewartby, would recognise...

Lord Stewartby | 706 c1299 (Link to this contribution) I shall reflect on that.

Lord Eatwell | 706 c1300 (Link to this contribution) With relation to the noble Lord, Lord Stewartby, and his dinner, the reference could be to either hi...

Lord Davies of Oldham | 706 c1300 (Link to this contribution) Amendments 48 and 49 48: Clause 23, page 11, line 5, after ““purposes,”” insert ““cases or circumst...

Lord Davies of Oldham | 706 c1300 (Link to this contribution) Amendments 45 to 47 45: Clause 22, page 10, line 38, after ““that”” insert ““is done by the instrum...

Lord Davies of Oldham | 706 c1302-5 (Link to this contribution) I am grateful to the noble Baroness for the clear way in which she has explained her amendments. She...

Baroness Noakes | 706 c1300-1 (Link to this contribution) Clause 24: Procedure: instruments Amendment 50 50: Clause 24, page 11, line 13, at end insert— ““(...

Baroness Noakes | 706 c1308-9 (Link to this contribution) I thank the Minister for that comprehensive response. I tabled the amendments in this group to ask w...

Lord Myners | 706 c1307-8 (Link to this contribution) Once the Bank of England or Treasury has made an initial share transfer, they have a number of types...

Baroness Noakes | 706 c1306-7 (Link to this contribution) Clause 26: Supplemental instruments Amendment 53 53: Clause 26, page 12, line 9, leave out subse...

Baroness Noakes | 706 c1305-6 (Link to this contribution) I thank the Minister for an extraordinarily comprehensive reply to my modest set of amendments. I do...

Lord Davies of Oldham | 706 c1305 (Link to this contribution) As the noble Baroness has reserved her position on many things in Committee, she will allow me this ...

Baroness Noakes | 706 c1305 (Link to this contribution) Before I decide what to do with my amendments, I should like to have clarified what ““considerable s...

Lord Myners | 706 c1309 (Link to this contribution) I believe that the noble Baroness is correct.

Baroness Noakes | 706 c1309 (Link to this contribution) With the greatest respect, belief is not quite good enough. Is it the Government’s view that that is...

Lord Myners | 706 c1309 (Link to this contribution) I am encouraged by my colleagues to believe that I was correct in believing that the noble Baroness ...

Baroness Noakes | 706 c1311 (Link to this contribution) I am completely perplexed. My previous amendments were not about the procedure of information flows,...

Lord Myners | 706 c1310-1 (Link to this contribution) The noble Baroness said that she was hoping for a break while my noble friend Lord Eatwell moved Ame...

Baroness Noakes | 706 c1311 (Link to this contribution) I cannot refuse an offer of that nature. I beg leave to withdraw the amendment. Amendment 60 withdr...

Baroness Noakes | 706 c1309 (Link to this contribution) I am grateful. If that is the case, it at least roots those provisions, which appear to be rootless,...

Baroness Noakes | 706 c1310 (Link to this contribution) Amendment 60 60: After Clause 31, insert the following new Clause— ““Additional procedures: supplem...

Lord Stewartby | 706 c1253 (Link to this contribution) I have absolutely no problem with requiring the code of practice to include sensible provision about...

Lord Blackwell | 706 c1252-3 (Link to this contribution) Can the Minister clarify the nature of board membership in this situation? It is important that we u...

Lord Newby | 706 c1251-2 (Link to this contribution) Clause 13: Temporary public ownership Amendment 34 34: Clause 13, page 7, line 24, after ““manag...

Lord Newby | 706 c1256 (Link to this contribution) I am grateful to noble Lords who have spoken in the debate. The Minister has yet again produced a de...

Lord Davies of Oldham | 706 c1254-5 (Link to this contribution) I am grateful to all noble Lords who contributed to a rather lengthier debate than I had anticipated...

Baroness Noakes | 706 c1254 (Link to this contribution) In some ways I support the amendment to Clause 13 tabled by the noble Lord, Lord Newby. Indeed, it c...

Lord Borrie | 706 c1253-4 (Link to this contribution) The noble Lord, Lord Stewartby, has made a most important point following on from points made by oth...

Lord Northbrook | 706 c1258 (Link to this contribution) I support Amendment 35 moved by my noble friend Lady Noakes as a mirror image for bridge bank report...

Baroness Noakes | 706 c1259 (Link to this contribution) I thank my noble friend Lord Northbrook for his contribution and I thank the Minister for his reply....

Lord Davies of Oldham | 706 c1258-9 (Link to this contribution) I am grateful to the noble Baroness and the noble Lord. The answer to the noble Lord, Lord Northbroo...

Baroness Noakes | 706 c1260-1 (Link to this contribution) Clause 17: Effect Amendment 36 36: Clause 17, page 8, line 29, leave out subsection (3) I shal...

Baroness Noakes | 706 c1261 (Link to this contribution) The horse is called Silver Wager. It started at 50:1 and was even more unlikely to win, and indeed d...

Lord Myners | 706 c1261 (Link to this contribution) Before addressing Amendment 36 I shall touch on a couple of other points. The noble Baroness told th...

Baroness Noakes | 706 c1262 (Link to this contribution) I hate to disappoint the Minister, whom I thank for his attempt at a reply, but he did not answer a ...

Lord Myners | 706 c1261-2 (Link to this contribution) I am not sure that I can use that horse’s name to lever into my next point so I shall stick with Pre...

Lord Myners | 706 c1262-3 (Link to this contribution) Then let me endeavour to be more specific and granular. The purpose of the phrase ““in any other way...

Baroness Noakes | 706 c1263 (Link to this contribution) I am very grateful to the Minister for responding to my specific queries. Perhaps he could also resp...

Lord Myners | 706 c1264-5 (Link to this contribution) On the basis that I was rather slow in getting to the point on the previous amendment, perhaps I may...

Lord Newby | 706 c1264 (Link to this contribution) Without wishing to cast myself in the role of the representative of public anger, I very much hope t...

Baroness Noakes | 706 c1263-4 (Link to this contribution) Clause 20: Directors Amendment 37 37: Clause 20, page 9, line 33, at end insert— ““( ) No action...

Baroness Noakes | 706 c1263 (Link to this contribution) That is beyond expectation; I am grateful to the Minister. I beg leave to withdraw the amendment. A...

Lord Myners | 706 c1263 (Link to this contribution) I will put my head in the noose and commit to have that letter with the noble Baroness by tomorrow a...

Baroness Noakes | 706 c1263 (Link to this contribution) I am most grateful for the Minister's reply and of course accept that assurance. I think that this i...

Lord Myners | 706 c1263 (Link to this contribution) I would like to give the noble Baroness a clear and detailed answer. With her agreement, I will do t...

Lord Myners | 706 c1266 (Link to this contribution) The clause as worded does not mean that directors could not take legal action in pursuit of their co...

Baroness Noakes | 706 c1266 (Link to this contribution) I find this rather depressing, because although I have no problem with the action being taken, it ap...

Baroness Noakes | 706 c1265-6 (Link to this contribution) To clarify, the Minister says that the Government want the power to terminate without notice. Does t...

Lord Borrie | 706 c1269-70 (Link to this contribution) My noble friend Lady Turner of Camden has spoken with some eloquence on this matter. It is of consid...

Lord Newby | 706 c1270 (Link to this contribution) I congratulate the noble Baroness on introducing a debate on this subject. It is a matter of signifi...

Baroness Noakes | 706 c1267 (Link to this contribution) I accept the clarification that on European rights we can use the Act to litigate in the UK, but I a...

Lord Myners | 706 c1266-7 (Link to this contribution) The note that I have been handed was not relevant to what I was going to say. Nor will it lead me to...

Baroness Turner of Camden | 706 c1267-9 (Link to this contribution) Amendment 38 38: Clause 20, page 9, line 37, at end insert— ““(5) An appointment under subsection ...

Baroness Noakes | 706 c1271 (Link to this contribution) I associate myself with almost everything that the noble Baroness, Lady Ford, said. She articulated ...

Lord Myners | 706 c1271-4 (Link to this contribution) I wish the noble Lord, Lord Wedderburn, a swift recovery to full health. I too lend my support to th...

Baroness Noakes | 706 c1315-6 (Link to this contribution) Clause 39: Foreign property Amendment 73 73: Clause 39, page 18, line 31, at end insert— ““( ) If ...

Lord Myners | 706 c1314-5 (Link to this contribution) Amendments 66 to 68 66: Clause 38, page 17, line 30, after ““that”” insert ““has the effect that”” ...

Lord Myners | 706 c1315 (Link to this contribution) Amendments 70 to 72 70: Clause 38, page 18, line 9, leave out ““to be, or that”” and insert ““done ...

Lord Myners | 706 c1313-4 (Link to this contribution) This group of amendments relates to Clause 36, which makes provision for continuity in a property tr...

Baroness Noakes | 706 c1314 (Link to this contribution) The Minister makes it sound like a long service award, which perhaps it is. On Amendment 62, I think...

Baroness Noakes | 706 c1314 (Link to this contribution) Amendment 63 63: Clause 36, page 17, line 5, leave out subsection (7) Amendment 63 agreed. Clause...

Lord Myners | 706 c1314 (Link to this contribution) Amendment 64 64: Clause 38, page 17, line 29, after ““means”” insert ““a Type 1 or Type 2 default e...

Baroness Noakes | 706 c1312-3 (Link to this contribution) Clause 36: Continuity Amendment 62 62: Clause 36, page 16, line 39, leave out subsection (4) I s...

Lord Davies of Oldham | 706 c1319-20 (Link to this contribution) I concluded my last remark by suggesting that the noble Baroness might find the position acceptable....

Baroness Noakes | 706 c1320 (Link to this contribution) The Minister has very clearly repeated what he said earlier. The record will show that the Governmen...

Lord Davies of Oldham | 706 c1320 (Link to this contribution) Clause 40: Incidental provision Amendments 74 and 75 74: Clause 40, page 19, line 5, after ““purpo...

Baroness Noakes | 706 c1318 (Link to this contribution) Perhaps I may pursue this a little further. The Bank of England is effectively acting as a vendor in...

Lord Davies of Oldham | 706 c1318-9 (Link to this contribution) That would be a misinterpretation of the Government’s position. If I have misled the noble Baroness,...

Baroness Noakes | 706 c1319 (Link to this contribution) The Minister said that Clause 39 sets out everything that could possibly be done, but it does not re...

Lord Davies of Oldham | 706 c1316-7 (Link to this contribution) I am grateful to the noble Baroness for moving the amendment but I assure her that normal service on...

Baroness Noakes | 706 c1317 (Link to this contribution) The Minister does not surprise me with his response. Can I probe what he is saying? Is he saying tha...

Lord Davies of Oldham | 706 c1317-8 (Link to this contribution) That is part of the position. I have no doubt that the noble Baroness could give an example of where...

Baroness Noakes | 706 c1236-7 (Link to this contribution) Clause 10: Banking Liaison Panel Amendment 31 31: Clause 10, page 6, line 3, after ““arrangement...

Lord Davies of Oldham | 706 c1237-9 (Link to this contribution) As the noble Baroness has indicated, the panel has in a sense already been created; it is currently ...

Lord Higgins | 706 c1241 (Link to this contribution) I think that I am right in saying that the title of a clause has no legal significance, but none the...

Lord Davies of Oldham | 706 c1241 (Link to this contribution) I hoped that it was not. In its details, the clause has to hit the objectives that we have for it, w...

Lord Mackay of Clashfern | 706 c1242 (Link to this contribution) I certainly agree that this is a very small matter by comparison with the other issues involved in t...

Lord Higgins | 706 c1242 (Link to this contribution) The Minister said that he will take the matter away to look at it. I therefore do not want to delay ...

Baroness Noakes | 706 c1240 (Link to this contribution) Clause 11: Private sector purchaser Amendment 33 33: Clause 11, page 6, line 22, leave out ““co...

Lord Davies of Oldham | 706 c1240 (Link to this contribution) I shall not be able to able to accept the amendment but I hope that my explanation will be a little ...

Baroness Noakes | 706 c1240 (Link to this contribution) I hope that the Minister is not going to rest his argument on the difference between the heading and...

Lord Davies of Oldham | 706 c1247 (Link to this contribution) If the option exercise involved the Bank of England establishing a bridge bank, the Bank would take ...

Lord Wade of Chorlton | 706 c1247 (Link to this contribution) Could a bridge bank be used to take over the toxic assets of a bank or banks, or could it take over ...

Lord Higgins | 706 c1245 (Link to this contribution) The noble Lord is moving on from an onward bridge bank to a general bridge bank. Is an onward bridge...

Lord Davies of Oldham | 706 c1245-7 (Link to this contribution) I have gone as far as I can in explaining the onward bridge bank. It is where the Bank of England ha...

Lord Higgins | 706 c1244-5 (Link to this contribution) It is something of a relief to get away from discussing individual amendments in order to have a cla...

Lord Davies of Oldham | 706 c1245 (Link to this contribution) I am grateful to both noble Lords, in particular the noble Viscount, Lord Eccles, for asking me to s...

Baroness Noakes | 706 c1242 (Link to this contribution) The Minister has not set my mind at rest on how the Government might seek to use the concept of priv...

Viscount Eccles | 706 c1242-4 (Link to this contribution) Clause 12: Bridge bank Debate on whether Clause 12 should stand part of the Bill. Clause 12 is v...

Lord Davies of Oldham | 706 c1242 (Link to this contribution) I always listen to what the noble Lord, Lord Higgins, says, but given that he follows the noble and ...

Lord Mackay of Clashfern | 706 c1248 (Link to this contribution) If I have understood this situation correctly—and I would like the Minister to say if I am right—an ...

Lord Davies of Oldham | 706 c1248 (Link to this contribution) Sometimes I feel that ministerial replies ought to consist of one sentence, so that everyone can the...

Baroness Noakes | 706 c1249 (Link to this contribution) My noble friend Lord Wade mentioned the taking-on of toxic assets. It is worth clarifying that the B...

Lord Davies of Oldham | 706 c1249 (Link to this contribution) I am extremely grateful to the noble Baroness. The noble Lord, Lord Wade, introduced the concept of ...

Lord Newby | 706 c1248 (Link to this contribution) Let us be clear. When the Minister said that a bridge bank could take on toxic assets, am I right in...

Viscount Eccles | 706 c1248 (Link to this contribution) You come back to a judgment about what is a threat to the stability of the UK financial system. In c...

Lord Davies of Oldham | 706 c1248 (Link to this contribution) Of course, that is right. That is why we have great difficulty anticipating all circumstances for wh...

Lord Wade of Chorlton | 706 c1247 (Link to this contribution) That is not really what I was looking for. It is clear that a number of banks are having problems an...

Lord Davies of Oldham | 706 c1247-8 (Link to this contribution) The answer is yes, but I think that the noble Lord will recognise that, in terms of the public posit...

Lord Davies of Oldham | 706 c1249 (Link to this contribution) We all have to recognise that the Bank of England will not be involved in these circumstances any mo...

Lord Higgins | 706 c1249 (Link to this contribution) Is it not the case under this clause that the Bank of England could take over a particular bank and ...

Viscount Eccles | 706 c1249 (Link to this contribution) On that last point, is the Minister saying that the Bill, when enacted, would not allow another Brad...

Lord Davies of Oldham | 706 c1250 (Link to this contribution) It might also help the noble Lord to know that I have an answer to that amendment.

Baroness Noakes | 706 c1250 (Link to this contribution) It might help the noble Lord to know that I have an amendment to that precise effect later on in the...

Lord Armstrong of Ilminster | 706 c1250 (Link to this contribution) The Minister has not dealt with one point made by the noble Viscount, Lord Eccles, that a bridge ban...

Viscount Eccles | 706 c1250-1 (Link to this contribution) I shall try to settle into the position that concerns me. I understand the need for flexibility and,...

Lord Davies of Oldham | 706 c1241 (Link to this contribution) The noble Baroness seeks to pre-empt me, but I am not going down that path. I was merely giving back...

Baroness Noakes | 706 c1256-8 (Link to this contribution) Amendment 35 35: Clause 13, page 7, line 25, at end insert— ““( ) The Treasury shall report to Par...

Lord Myners | 706 c1311 (Link to this contribution) I am much clearer about the noble Baroness’s intention, having listened carefully to her second cont...

Lord Sawyer | 706 c1252 (Link to this contribution) I very much support this amendment. The issue of diversity is central to what we are trying to do in...

Baroness Ford | 706 c1270-1 (Link to this contribution) I associate myself with many sentiments that the noble Baroness, Lady Turner, has articulated throug...

Baroness Noakes | 706 c1239 (Link to this contribution) I thank the Minister for that helpful reply to my amendments, and I am glad to hear him say that the...

Subjects

Contracts Codes of practice Accountability Directors Assets Bank services Banks Competition Delegated legislation Bank of England Employment Liability EU law Financial institutions Insolvency Private sector Protection Pay Public appointments Property transfer Public sector Parliamentary scrutiny Staff Nationalisation Shares Taxation Shareholders Treasury

Legislation

Banking Bill 2007-08 to 2008-09

Link

View this Parliamentary proceeding on www.publications.parliament.uk