Parliamentary Search

Committee of the Whole House (HL) and Debate on bill on Tuesday, 20 January 2009, in the House of Lords.

Banking Bill

Banking Bill. Lords Committee stage fourth day. Clauses 63-166 agreed to, with clauses 71, 98, 100, 135, 142 and 149 agreed to as amended. New clauses (Lords amendments 126 and 127) debated and agreed to. New clauses (Lords amendments 128, 145 and 158) debated and withdrawn. Clause 167 under consideration.

Secondary information

Type
Parliamentary proceeding
Reference
706 c1558-620,1636-62 
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 Noakes | 706 c1620 (Link to this contribution) I never worry much about what other countries might do. The important thing is what the Bill is abou...
Baroness Noakes | 706 c1636 (Link to this contribution) Clause 93: Grounds for applying Amendment 129 129: Clause 93, page 46, line 37, leave out ““or”” a...
Show all contributions (229)
Baroness Noakes | 706 c1619 (Link to this contribution) Before I do so, the Minister said that he assumed that I was talking about EEA banks. The definition...
Lord Myners | 706 c1620 (Link to this contribution) Although I referred at some length to EEA branches, which is an area of particular concern given the...
Baroness Noakes | 706 c1617-8 (Link to this contribution) We are now moving to much less exciting territory. Amendment 128 would insert a new clause after Cla...
Lord Myners | 706 c1618-9 (Link to this contribution) The purpose of Amendment 128 is to apply the special resolution regime to foreign banks. As in our e...
Lord Davies of Oldham | 706 c1638 (Link to this contribution) As the noble Baroness will see, Clause 90(8) states: "““The expression ‘fair’ is used in this Part a...
Baroness Noakes | 706 c1638 (Link to this contribution) I thank the Minister for that response. Perhaps I may check one point. Is he saying that the Governm...
Lord Davies of Oldham | 706 c1637-8 (Link to this contribution) I am grateful to the noble Baroness for welcoming the fact that we have moved on to the next part of...
Baroness Noakes | 706 c1636-7 (Link to this contribution) In moving Amendment 129, I will also speak to Amendments 130 and 131. These are probing amendments. ...
Lord Higgins | 706 c1598 (Link to this contribution) Parliament is always extremely reluctant to give the Executive powers that can be exercised retrospe...
Lord Davies of Oldham | 706 c1597 (Link to this contribution) I understand that position, but the contract is significant only in that it is effective. All I was ...
Lord Davies of Oldham | 706 c1599-600 (Link to this contribution) I will try to be more succinct. I am trying to express that the authorities have to act at extremely...
Lord Davies of Oldham | 706 c1599 (Link to this contribution) As the noble Viscount, Lord Eccles, was frank enough to confess to us, we have gone slightly wider t...
Lord Lyell of Markyate | 706 c1598 (Link to this contribution) I apologise for taking part in the debate now, not having been at the whole debate for medical reaso...
Viscount Eccles | 706 c1600 (Link to this contribution) Does there not come a point when the attempt to get two belts and three pairs of braces is going too...
Lord Davies of Oldham | 706 c1600 (Link to this contribution) We are governed by the objectives of the Bill, the operation of the special resolution regime and th...
Lord Higgins | 706 c1600 (Link to this contribution) The noble Lord seems to want to take powers to deal with a situation which he cannot envisage. He ca...
Lord Newby | 706 c1595 (Link to this contribution) At first sight, this is an extremely draconian clause. We have considerable concerns about it becaus...
Viscount Ullswater | 706 c1594 (Link to this contribution) I must advise the Committee that if this amendment is agreed to, I shall not be able to call Amendme...
Lord Northbrook | 706 c1596 (Link to this contribution) I draw the Minister's attention to what the Delegated Powers and Regulatory Reform Committee report ...
Lord Davies of Oldham | 706 c1595-6 (Link to this contribution) I am grateful to both noble Lords who have spoken in this short debate, but especially to the noble ...
Lord Howard of Rising | 706 c1596 (Link to this contribution) The Minister commented on the use of legislation in connection with Northern Rock. Can he explain ho...
Lord Davies of Oldham | 706 c1596 (Link to this contribution) I am grateful to the noble Lord, who is always scrupulous in his close attention to detail. He is ab...
Lord Davies of Oldham | 706 c1596 (Link to this contribution) Part of the powers in the special provisions Act related to certain contracts concerning Northern Ro...
Lord Howard of Rising | 706 c1597 (Link to this contribution) I find it rather odd that the Minister should use Northern Rock as an example when, plainly, it was ...
Lord Davies of Oldham | 706 c1597 (Link to this contribution) It was not used retrospectively, but it did interfere with existing law and applied differently unde...
Lord Higgins | 706 c1604 (Link to this contribution) I asked a simple question about whether there is any precedent whatever for the form of words that w...
Lord Davies of Oldham | 706 c1603-4 (Link to this contribution) I recognise that this is a challenging area for legislation, but we are seeking to deal with a chall...
Lord Higgins | 706 c1603 (Link to this contribution) Can the Minister tell us whether there is any precedent in legislation for a clause of this sort? Al...
Lord Howard of Rising | 706 c1602-3 (Link to this contribution) Amendment No. 125 seeks to leave out Clause 75(8). Subsection (8) proposes that orders can be made u...
Lord Howard of Rising | 706 c1602 (Link to this contribution) Amendment 125 125: Clause 75, page 38, line 42, leave out subsection (8)
Lord Howard of Rising | 706 c1602 (Link to this contribution) The noble Lord has given us his usual brilliant and long explanation, but it is completely unsatisfa...
Lord Davies of Oldham | 706 c1602 (Link to this contribution) As I indicated, we were pressed on this in the other place and we sought to establish that we have n...
Lord Davies of Oldham | 706 c1604 (Link to this contribution) On the contrary, one of two situations may obtain. It may be that Parliament reaches a judgment that...
Lord Davies of Oldham | 706 c1602 (Link to this contribution) As the noble Lord knows, I am no lawyer. I am therefore reluctant to leap to the Dispatch Box with a...
Viscount Eccles | 706 c1601 (Link to this contribution) It may appear to the noble Lord, Lord Newby, to be a bizarre way to proceed, but it probably will ha...
Lord Newby | 706 c1601 (Link to this contribution) The noble Viscount, Lord Eccles, seems to be saying that the Government should not have this provisi...
Lord Howard of Rising | 706 c1601 (Link to this contribution) I do not accept the Minister’s argument on retrospective legislation. Before going further, will he ...
Lord Newby | 706 c1601 (Link to this contribution) I absolutely agree. One of the issues that we have been grappling with is, to a certain extent, the ...
Lord Northbrook | 706 c1600 (Link to this contribution) Will the Minister confirm that Clause 75(3) was used for Northern Rock and Bradford & Bingley?
Lord Davies of Oldham | 706 c1600 (Link to this contribution) I will be brief, but if the noble Viscount thinks that we are going too far and that we should not g...
Viscount Eccles | 706 c1600 (Link to this contribution) I do not think that the point the Minister made to me was right. We had a Statement yesterday. I can...
Lord Davies of Oldham | 706 c1600 (Link to this contribution) I have accepted that point. I was seeking to illustrate that we were obliged in operating with regar...
Lord Howard of Rising | 706 c1602 (Link to this contribution) Can the Minister confirm that this clause would not be used to change contract law?
Lord Davies of Oldham | 706 c1601 (Link to this contribution) Let me emphasise the fact that we are trying to deal with circumstances which we cannot forecast in ...
Lord Howard of Rising | 706 c1609-10 (Link to this contribution) Debate on whether Clause 75 should stand part of the Bill. This clause, as I am sure we have all r...
Lord Lyell of Markyate | 706 c1610-1 (Link to this contribution) I support what my noble friend has said from the Front Bench. I recognise, as the Government say, th...
Lord Davies of Oldham | 706 c1609 (Link to this contribution) The noble Lord made a pretty substantial argument to that effect earlier and I will of course consid...
Lord Howard of Rising | 706 c1609 (Link to this contribution) I thank all noble Lords who have spoken in this debate. As we still have the clause stand part debat...
Lord Northbrook | 706 c1611 (Link to this contribution) The British Bankers’ Association states: "““We remain concerned therefore about this general and ret...
Lord Davies of Oldham | 706 c1611 (Link to this contribution) I thought that we had exhausted all the arguments before we reached the clause stand part debate, bu...
Lord Forsyth of Drumlean | 706 c1611 (Link to this contribution) This is nothing whatever to do with the banking industry. The Bill of course affects the banking ind...
Lord Newby | 706 c1609 (Link to this contribution) When the noble Lord considers the matter, might he find that an easy way of dealing with the concern...
Lord Davies of Oldham | 706 c1608 (Link to this contribution) I am grateful for those remarks, although, as ever with the noble Lord, Lord Forsyth, his invitation...
Lord Lyell of Markyate | 706 c1605 (Link to this contribution) The Committee will appreciate that we are in somewhat uncharted waters—and in a sense the Government...
Lord Forsyth of Drumlean | 706 c1605-6 (Link to this contribution) My noble and learned friend has put far more eloquently and with far more knowledge of the law the p...
Lord Newby | 706 c1606 (Link to this contribution) There are more or less acceptable bits of subsection (8). If you are bringing a bank into the regime...
Lord Davies of Oldham | 706 c1606-7 (Link to this contribution) This is not my amendment, so I am not summing up, but I shall respond. Let us not be too general in ...
Lord Forsyth of Drumlean | 706 c1607 (Link to this contribution) Although I do not like it, I do not have a problem with the Minister’s description of this provision...
Lord Lyell of Markyate | 706 c1607 (Link to this contribution) The Minister was kind enough to refer to what I said, but he said that I was talking in great genera...
Lord Howard of Rising | 706 c1607 (Link to this contribution) Is it possible for the 28-day period to be extended just like that?
Lord Davies of Oldham | 706 c1607-8 (Link to this contribution) When Parliament is sitting, it will consider whether the position is acceptable. If Parliament rejec...
Lord Davies of Oldham | 706 c1605 (Link to this contribution) If I am going to bob up and down and answer every question, I shall be fairly vigorous. I shall take...
Lord James of Blackheath | 706 c1604 (Link to this contribution) Does the Minister agree that the hazard in the signing of a statement of affairs in this situation i...
Baroness Noakes | 706 c1617 (Link to this contribution) Amendment 128 128: After Clause 86, insert the following new Clause— ““Foreign banks (1) The Treasu...
Lord Howard of Rising | 706 c1615 (Link to this contribution) Again, I thank all noble Lords who contributed so much to this debate. I am grateful that the Minist...
Lord Davies of Oldham | 706 c1615 (Link to this contribution) Of course, that is right. I assume that the noble and learned Lord, Lord Lyell, accepted that from m...
Lord Lyell of Markyate | 706 c1615 (Link to this contribution) Just for myself, I am most grateful to the Minister for his clarification. He is all for retrospecti...
Viscount Eccles | 706 c1615 (Link to this contribution) Before the Minister replies, could I return to Bradford & Bingley? It all happened between 27 and 29...
Lord Lyell of Markyate | 706 c1614-5 (Link to this contribution) I do not think that the Minister is deliberately missing the point, but I am fearful that he does no...
Lord Davies of Oldham | 706 c1614 (Link to this contribution) I thought that I had already conveyed this point to the Committee, but I shall make it again. The 28...
Lord Lyell of Markyate | 706 c1614 (Link to this contribution) Yes, help is coming. The point is, if when the matter eventually gets to be debated by the House, ei...
Lord Lyell of Markyate | 706 c1614 (Link to this contribution) I am very grateful to hear what the Minister said. This was the point that I raised when I apologise...
Lord Davies of Oldham | 706 c1612-3 (Link to this contribution) I am grateful to the noble Lord for elucidating that position. Far from us looking towards the power...
Lord Forsyth of Drumlean | 706 c1613 (Link to this contribution) I may be misunderstanding the words in the Bill. The Minister has just said that, of course if Parli...
Lord Davies of Oldham | 706 c1613 (Link to this contribution) I cannot help any further, except in saying that the noble Lord with all his applied intelligence is...
Baroness O'Cathain | 706 c1613 (Link to this contribution) I suggest that perhaps the Government should look at a redrafting of this provision if it causes suc...
Lord Davies of Oldham | 706 c1611-2 (Link to this contribution) I was about to respond to the point on which the noble Lord, Lord Forsyth, commented. I would have a...
Lord Forsyth of Drumlean | 706 c1612 (Link to this contribution) I gave the Minister two metaphors. I talked about a medieval monarch and I said Alice in Wonderland....
Lord Davies of Oldham | 706 c1612 (Link to this contribution) Yes, but the noble Lord did not say ““monarch””; he said ““king””. He then went on to describe Alice...
Lord Howard of Rising | 706 c1594 (Link to this contribution) I shall speak also to Amendments 123 and 124. Amendment 122 seeks to remove Clause 75(3). That subse...
Lord Davies of Oldham | 706 c1593 (Link to this contribution) With pleasure, I agree with the noble Lord. It is important to link the use of this power with the B...
Lord Howard of Rising | 706 c1593 (Link to this contribution) I thank the Minister for his remarks. If he agrees with me, then why not draft the Bill so that what...
Lord Howard of Rising | 706 c1594 (Link to this contribution) Amendment 122 122: Clause 75, page 38, line 23, leave out subsection (3)
Viscount Eccles | 706 c1591 (Link to this contribution) I am a member of the Delegated Powers and Regulatory Reform Committee and I wish to ask the Minister...
Lord Myners | 706 c1591-2 (Link to this contribution) If there has been a failure of procedure, I apologise. If a letter is customary and was expected by ...
Baroness Noakes | 706 c1592 (Link to this contribution) Of course, procedure is extremely important and my noble friend was right to ask the Minister when t...
Lord Howard of Rising | 706 c1592 (Link to this contribution) Clause 75: Power to change law Amendment 121 121: Clause 75, page 38, line 17, leave out ““having ...
Lord Myners | 706 c1591 (Link to this contribution) I take account of the noble Lord’s observation, but it is our view that it would be inappropriate fo...
Lord James of Blackheath | 706 c1587 (Link to this contribution) I thank the Minister for that assurance, which I am happy to accept. I ask only that the wording be ...
Baroness Noakes | 706 c1587 (Link to this contribution) Clause 72: Enforcement Debate on whether Clause 72 should stand part of the Bill. I can be brief....
Lord Davies of Oldham | 706 c1586-7 (Link to this contribution) I am conscious of the noble Lord’s expertise in this area and of my own limitations, so I shall repl...
Baroness Noakes | 706 c1589 (Link to this contribution) Cluase 74: Tax Amendment 119 119: Clause 74, page 38, line 11, after ““Regulations”” insert ““or a...
Lord Myners | 706 c1587-9 (Link to this contribution) The noble Baroness has called a debate on the purpose of Clauses 72 and 73. It may be helpful if I s...
Baroness Noakes | 706 c1589 (Link to this contribution) Is it expected that statutory instruments containing enforcement and dispute powers will be issued s...
Lord Northbrook | 706 c1591 (Link to this contribution) In describing the point of the clause the Minister said that the tax effects should be neutralised. ...
Lord Myners | 706 c1590-1 (Link to this contribution) I thank the noble Baroness for the clarity of her explanation. I shall seek to avoid using the term ...
Baroness Noakes | 706 c1589-90 (Link to this contribution) In moving Amendment 119, I shall also speak to Amendment 120. For the convenience of the Committee, ...
Lord Davies of Oldham | 706 c1577-9 (Link to this contribution) In moving Amendment 116 standing in the name of my noble friend Lord Myners, I shall speak also to t...
Baroness Noakes | 706 c1579-81 (Link to this contribution) The Minister will not expect these Benches to greet any amendment which increases the scope of natio...
Viscount Eccles | 706 c1576-7 (Link to this contribution) I feel privileged that this debate has been grouped with a stand-part debate, having started with a ...
Lord Davies of Oldham | 706 c1577 (Link to this contribution) Amendment 116 116: Clause 71, page 36, line 30, after ““bank”” insert ““, or a group company of the...
Lord Davies of Oldham | 706 c1576 (Link to this contribution) Let me emphasise that rights can be transferred with great rapidity. Under the Bradford & Bingley tr...
Lord Davies of Oldham | 706 c1582 (Link to this contribution) The Government are not going to make that decision. They will not apply the criteria for that; the b...
Baroness Noakes | 706 c1582 (Link to this contribution) Does the Minister know how to differentiate, ex ante, between failing and successful organisations s...
Lord Davies of Oldham | 706 c1581-2 (Link to this contribution) I confirm the noble Baroness’s suspicions about my numeracy. I do not have in my head the number of ...
Lord Newby | 706 c1581 (Link to this contribution) I have a simple question for the Minister. These provisions deal with a situation in which a holding...
Lord Davies of Oldham | 706 c1584 (Link to this contribution) The Government are seeking the necessary flexibility to envisage those situations that have not obta...
Viscount Eccles | 706 c1585 (Link to this contribution) Amendment 116A 116A: Clause 71, page 36, line 30, at end insert ““, and (c) the persons affected by...
Viscount Eccles | 706 c1585 (Link to this contribution) I will again be brief and return to a small issue about pensions and pension schemes. I propose to a...
Lord Davies of Oldham | 706 c1585 (Link to this contribution) The noble Viscount, Lord Eccles, raises an important point about ensuring that pension scheme member...
Lord Davies of Oldham | 706 c1583-4 (Link to this contribution) The amendments are tabled in relationship to pensions because the pensions issue raises the matter i...
Baroness Noakes | 706 c1584 (Link to this contribution) I hear what the Minister says about using the power. The power is restricted; it is not really about...
Viscount Eccles | 706 c1585 (Link to this contribution) I would be more comforted if I were certain that trustees would not think that the partial transfer ...
Lord James of Blackheath | 706 c1586 (Link to this contribution) The amendment derives from a fear on my part that the drafters of the Bill have overlooked an import...
Lord James of Blackheath | 706 c1586 (Link to this contribution) Amendment 118 118: Clause 71, leave out Clause 71 and insert the following new Clause— ““Pensions W...
Baroness Noakes | 706 c1558-9 (Link to this contribution) Amendment 106 deals with the continuity obligations which can be imposed. Under Clause 63(2), the re...
Baroness Noakes | 706 c1558 (Link to this contribution) Clause 63: General continuity obligation: property transfers Amendment 106 106: Clause 63, page 31...
Lord Davies of Oldham | 706 c1574-5 (Link to this contribution) That is where we started with the probing amendment of the noble Viscount, Lord Eccles. Perhaps the ...
Baroness Noakes | 706 c1575-6 (Link to this contribution) I certainly would not want to encourage the Minister to repeat himself at length; I find it difficul...
Baroness Noakes | 706 c1574 (Link to this contribution) Perhaps the Minister can explain an issue that I tried to tease out when I spoke on clause stand par...
Lord Northbrook | 706 c1574 (Link to this contribution) I add my concern to the comments of my noble friend Lady Noakes. Subsections (3) and (4) suggest tha...
Lord Davies of Oldham | 706 c1573-4 (Link to this contribution) I very much appreciate the succinct way in which the noble Viscount, Lord Eccles, introduced his ame...
Lord Higgins | 706 c1574 (Link to this contribution) The noble Lord has made two very important points: first, on the protection of accrued rights; and, ...
Lord Newby | 706 c1573 (Link to this contribution) This debate raises some important issues. I am sure that all noble Lords will take the view that, fo...
Lord Higgins | 706 c1572-3 (Link to this contribution) I intervene at this point because I have a meeting elsewhere in the House at 4.30 pm and may not be ...
Baroness Turner of Camden | 706 c1572 (Link to this contribution) I listened with interest to what the noble Baroness, Lady Noakes, said, and I agree with quite a lot...
Baroness Noakes | 706 c1571-2 (Link to this contribution) My noble friend raises important points in his amendment. I have given notice that, on a probing bas...
Baroness Noakes | 706 c1570-1 (Link to this contribution) The Minister keeps using the word ““subsidy””. I shall read my amendment to him: "““The continuity a...
Viscount Eccles | 706 c1571 (Link to this contribution) Clause 71: Pensions Amendment 115A 115A: Clause 71, page 36, line 22, leave out subsection (4)
Viscount Eccles | 706 c1571 (Link to this contribution) This is a short probing amendment. I will be brief because I think that the subsequent debates on th...
Baroness Noakes | 706 c1568-9 (Link to this contribution) The amendment sticks with the continuity obligations. It would add a new subsection to Clause 70, wh...
Lord Davies of Oldham | 706 c1569-70 (Link to this contribution) We consider that Clause 70 provides the authorities with the necessary flexibility to remove a gener...
Baroness Noakes | 706 c1570 (Link to this contribution) I hear what the Minister says, but I shall take him back to my example of IT services. If one has ar...
Lord Davies of Oldham | 706 c1570 (Link to this contribution) That may have been because I was concentrating on what I regarded as a more germane point. There was...
Lord Stewartby | 706 c1567 (Link to this contribution) Can the Minister give me an assurance? Looking at all these clauses on continuity obligations, I ask...
Baroness Noakes | 706 c1568 (Link to this contribution) Amendment 115 115: Clause 70, page 36, line 3, at end insert— ““( ) The continuity authority shall ...
Lord Myners | 706 c1566 (Link to this contribution) My interpretation is that Clause 64(3)(a) relates to the core provision of continuity. Any other pro...
Baroness Noakes | 706 c1566 (Link to this contribution) Perhaps the Minister has read too much into subsection (3). Subsection (3)(a) refers to ““provision ...
Lord Myners | 706 c1564-6 (Link to this contribution) It is worth bearing in mind that the bank described as the residual bank is part of a failed organis...
Baroness Noakes | 706 c1566 (Link to this contribution) Before I consider what to do with my amendment, will the Minister explain the difference in Clause 6...
Lord Myners | 706 c1567 (Link to this contribution) The Minister is giving slightly confused messages because he is being given a slightly confused mess...
Baroness Noakes | 706 c1567 (Link to this contribution) I thank the Minister. That just leaves Amendments 113 and 114, which relate to whether or not there ...
Lord Myners | 706 c1566 (Link to this contribution) Other terms may take a wide variety of forms and do not amount simply to a reasonable price, as the ...
Baroness Noakes | 706 c1567 (Link to this contribution) The Minister takes me to my second question, before I determine what to do with the amendment. When ...
Baroness Noakes | 706 c1562-3 (Link to this contribution) Still dealing with the continuity obligations, we now move to what the transferee has to pay for the...
Baroness Noakes | 706 c1562 (Link to this contribution) Amendment 107 107: Clause 63, page 31, line 21, leave out ““reasonable consideration”” and insert “...
Viscount Eccles | 706 c1561 (Link to this contribution) I was not quite clear about the Minister’s reasoning for the present state of the law not being suff...
Lord Myners | 706 c1561 (Link to this contribution) It is appropriate for the avoidance of doubt that the continuity obligation and its durability are c...
Viscount Eccles | 706 c1561 (Link to this contribution) Does the Minister think that the newco—that is, the company with the assets transferred into it—has ...
Lord Myners | 706 c1561 (Link to this contribution) The company which the noble Viscount refers to as the newco—the transferee—would have certain duties...
Baroness Noakes | 706 c1561 (Link to this contribution) When the Minister spoke I realised that I had tabled my amendment under the wrong clause; it should ...
Lord Higgins | 706 c1562 (Link to this contribution) Are not some of these IT systems likely to be indivisible? In that case, may there not be a need for...
Lord Myners | 706 c1562 (Link to this contribution) That may well be the case. As I said yesterday, I was a director of Coutts. I was also a director of...
Baroness Noakes | 706 c1562 (Link to this contribution) I thank the Minister for explaining what he had in mind, and I am grateful for his opinion that the ...
Lord Myners | 706 c1559-61 (Link to this contribution) This amendment relates to continuity obligations. It may help if I first provide a brief explanation...
Lord Davies of Oldham | 706 c1659-61 (Link to this contribution) As the Committee will be aware, the principal function of the FSCS is to pay compensation to eligibl...
Baroness Noakes | 706 c1661-2 (Link to this contribution) I thank the Minister for his response to the amendments. I will not get into whether or not the affi...
Baroness Noakes | 706 c1659 (Link to this contribution) Clause 167: Contingency funding Amendment 158B 158B: Clause 167, page 88, line 28, leave out from ...
Baroness Noakes | 706 c1659 (Link to this contribution) In moving Amendment 158B, I shall speak also to Amendments 158C, 158D and 162B. The first three of t...
Lord Myners | 706 c1657-8 (Link to this contribution) Part 4 makes a number of changes to Part XV of the Financial Services and Markets Act 2000, which pr...
Baroness Noakes | 706 c1658 (Link to this contribution) The Minister will not be aware that he is entering my favourite time of night for seeking the opinio...
Baroness Noakes | 706 c1655-6 (Link to this contribution) We are making phenomenal progress. We have now reached Part 4, which concerns the Financial Services...
Lord Newby | 706 c1656-7 (Link to this contribution) I am grateful to the noble Baroness for tabling the amendment because it covers in part issues that ...
Lord Myners | 706 c1653-4 (Link to this contribution) I am very pleased to see that my noble friend’s health has improved and that he is here to speak to ...
Baroness Noakes | 706 c1655 (Link to this contribution) Amendment 158 158: Before Clause 167, insert the following new Clause— ““Compensation limits After ...
Lord Higgins | 706 c1652 (Link to this contribution) I do not think that there can be any doubt that there is very widespread public concern about the wa...
Lord Wedderburn of Charlton | 706 c1652 (Link to this contribution) Perhaps I may ask the noble Lord whether he realises how much I value his experienced view on this e...
Lord Newby | 706 c1652-3 (Link to this contribution) I do not intend to repeat the speech that I made before, but the big issue that the amendment raises...
Lord Stewartby | 706 c1653 (Link to this contribution) I am certainly not unsympathetic to the concerns that lie behind the amendment. However, without try...
Lord Wedderburn of Charlton | 706 c1649 (Link to this contribution) Amendment 145 145: After Clause 164, insert the following new Clause— ““164A Remuneration committee...
Baroness Turner of Camden | 706 c1651-2 (Link to this contribution) I put my name to the amendment, although I referred to it in speaking to the paving amendment on the...
Lord Myners | 706 c1647 (Link to this contribution) Clause 135: Objective 1: supporting private sector purchaser or bridge bank Amendment 140 140: Cla...
Lord Myners | 706 c1647-8 (Link to this contribution) This group of government amendments contains three technical amendments to the provisions for the ba...
Lord Myners | 706 c1648 (Link to this contribution) Clause 142: General powers, duties and effect Amendments 141 and 142 141: Clause 142, page 77, lin...
Lord Myners | 706 c1649 (Link to this contribution) Clause 149: Property transfer from temporary public ownership Amendments 143 and 144 143: Clause 1...
Baroness Noakes | 706 c1646 (Link to this contribution) Clause 129: Partnerships Debate on whether Clause 129 should stand part of the Bill. I have given...
Lord Myners | 706 c1646-7 (Link to this contribution) Clause 129 allows the Lord Chancellor, with the agreement of the Secretary of State and Lord Chief J...
Baroness Noakes | 706 c1647 (Link to this contribution) I take it that the Minister does not know whether limited liability partnerships are included within...
Lord Myners | 706 c1647 (Link to this contribution) The noble Baroness has established such a formidable reputation in my mind that I would not for one ...
Lord Myners | 706 c1645-6 (Link to this contribution) Government amendments 138 and 139 work together and add further detail to the removal from office of...
Lord Myners | 706 c1646 (Link to this contribution) Amendment 139 139: Clause 100, page 54, line 7, at end insert— Amendment 139 agreed. Clause 100, ...
Lord Myners | 706 c1645 (Link to this contribution) Amendment 138 138: Clause 100, page 54, line 6, after ““applied”” insert ““to a bank liquidator””
Lord Davies of Oldham | 706 c1645 (Link to this contribution) I shall speak also to government Amendment 137. The amendments add further detail to the Bill concer...
Lord Davies of Oldham | 706 c1645 (Link to this contribution) Clause 100: General powers, duties and effect Amendment 137 137: Clause 100, page 52, line 22, at ...
Lord Davies of Oldham | 706 c1645 (Link to this contribution) Amendment 136 136: Clause 98, page 50, line 4, at end insert ““or under section 141(2) or 142(2) of...
Baroness Noakes | 706 c1643-4 (Link to this contribution) I can be brief with this amendment. Under subsection (7) of Clause 98, the FSA and the Bank of Engla...
Lord Davies of Oldham | 706 c1644 (Link to this contribution) The provision which the noble Baroness questions gives the FSA and the Bank of England rights to tak...
Baroness Noakes | 706 c1643 (Link to this contribution) I thank the Minister for that. I continue to be mystified about why the Government want to keep the ...
Baroness Noakes | 706 c1643 (Link to this contribution) Clause 98: liquidation committee: supplemental Amendment 135 135: Clause 98, page 49, line 35, lea...
Lord Davies of Oldham | 706 c1643 (Link to this contribution) We believe that it is, but if I am incorrect, I shall correct myself very rapidly.
Baroness Noakes | 706 c1643 (Link to this contribution) Is this provision normal practice in liquidation committees under ordinary insolvency law?
Lord Davies of Oldham | 706 c1643 (Link to this contribution) We have views on the size of the committee and are indicating that we need either three members or f...
Baroness Noakes | 706 c1641-2 (Link to this contribution) I draw the Minister’s attention to Clause 97(6). Although it states that, "““the bank liquidator mus...
Lord Davies of Oldham | 706 c1642 (Link to this contribution) We can all envisage that they might have more at stake; but the noble Baroness will accept the Gover...
Lord Higgins | 706 c1642 (Link to this contribution) I hesitate to intervene but one does not like passing legislation when one simply does not understan...
Lord Stewartby | 706 c1642 (Link to this contribution) On the point raised by my noble friend, I am trying to work out what happens if the liquidation comm...
Lord Davies of Oldham | 706 c1642 (Link to this contribution) I understand paragraph (e) of subsection (6) as being fairly clear. It refers to the criteria on the...
Lord Higgins | 706 c1642 (Link to this contribution) So if the committee has five members it continues, but with any other combination it ceases to exist...
Lord Davies of Oldham | 706 c1642 (Link to this contribution) I am awfully sorry, but I did not quite catch that.
Lord Higgins | 706 c1642-3 (Link to this contribution) Is it the case that if there are five members, the committee continues to operate, but under any of ...
Lord Davies of Oldham | 706 c1641 (Link to this contribution) We do want not to inhibit the information flow to creditors or the setting up of a position whereby ...
Baroness Noakes | 706 c1641 (Link to this contribution) I thank the Minister for the latter point; I shall look at it carefully. He described the liquidatio...
Lord Davies of Oldham | 706 c1640-1 (Link to this contribution) An important part of this revolves around the crucial importance to the Bill of objective 1, as defi...
Lord Davies of Oldham | 706 c1638 (Link to this contribution) I quoted from subsection (8) of Clause 90.
Baroness Noakes | 706 c1638 (Link to this contribution) Where did the Minister take the quotation of the phrase ““just and equitable”” from? Where does it s...
Baroness Noakes | 706 c1638 (Link to this contribution) Where did the Minister take that quotation from?
Baroness Noakes | 706 c1639 (Link to this contribution) Clause 97: Liquidation committee Amendment 132 132: Clause 97, page 48, leave out line 39 and inse...
Baroness Noakes | 706 c1639-40 (Link to this contribution) I shall speak also to Amendments 133 and 134, which all concern the liquidation committee provisions...
Lord Davies of Oldham | 706 c1638 (Link to this contribution) Clause 90(8) makes it clear that the use of the word ““fair”” in this part of the Bill is justified,...
Baroness Noakes | 706 c1639 (Link to this contribution) I beg the Minister’s pardon; I had not seen subsection (8) of Clause 90. I shall consider the point ...
Viscount Eccles | 706 c1597-8 (Link to this contribution) I shall intervene at this point rather than in a clause stand part debate, because the debate has ra...
Lord Myners | 706 c1616-7 (Link to this contribution) Amendments 126 and 127 126: After Clause 80, insert the following new Clause— ““Holding companies: ...
Lord Howard of Rising | 706 c1592-3 (Link to this contribution) Clause 75 confers an extremely wide power, enabling Her Majesty's Treasury, by order, to disapply or...
Lord Myners | 706 c1586 (Link to this contribution) Amendment 117 117: Clause 71, page 36, line 30, at end insert— ““(7) In subsection (6)(b) the refer...
Lord Myners | 706 c1561-2 (Link to this contribution) I shall seek to answer the noble Baroness’s point. I think that the principles I articulated continu...
Lord Wedderburn of Charlton | 706 c1654-5 (Link to this contribution) I am grateful to those who have spoken to the amendment and I am grateful to the Minister. One thing...
Lord Wedderburn of Charlton | 706 c1650-1 (Link to this contribution) I have been advised that it is procedurally proper for me to move the amendment even though my noble...
Lord Higgins | 706 c1599 (Link to this contribution) Does the noble Lord realise that if he reads Hansard tomorrow he will find that what he just said do...
Lord Forsyth of Drumlean | 706 c1608 (Link to this contribution) I have the greatest respect for the Minister; he is a former Member of the other place and I know th...
Baroness Noakes | 706 c1582-3 (Link to this contribution) The Minister did not address two of the questions that I asked him. Perhaps I may help him by remind...
Lord Myners | 706 c1567-8 (Link to this contribution) The noble Lord, Lord Stewartby, addresses a question that reflects the reality of complex financial ...
Lord Forsyth of Drumlean | 706 c1602 (Link to this contribution) I have listened carefully to the Minister’s argument for the clause—that it is needed for unforeseen...
Lord Davies of Oldham | 706 c1614 (Link to this contribution) I am grateful to the noble Baroness. She may recognise that we have debated this issue for a conside...
Lord Myners | 706 c1589 (Link to this contribution) It is my understanding that they will be specific. Clause 72 agreed. Clause 73 agreed.
Baroness Noakes | 706 c1644 (Link to this contribution) The Minister did not explain why the provision is necessary and he certainly did not explain what va...
Subjects
Conditions of employment Contracts Compensation Codes of practice Company law Companies Directors Administration Assets Bank services Banks Delegated legislation Bank of England Finance Liability Financial institutions Insolvency Financial Services Authority Holding companies Foreign companies Private sector Pay Powers Workplace pensions Property transfer Public sector Partnerships Nationalisation Stocks and shares Taxation Treasury British Bankers' Association Financial Services Compensation Scheme National Loans Fund Statutory instruments Liquidation committees
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Parliamentary proceeding on www.publications.parliament.uk