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Banking Bill

Secondary information

Type

Parliamentary proceeding

Reference

707 c14-82,87-168 

Session

2008-09

Department

Treasury

Legislative stage

Committee stage

Procedure

New clauses

Chamber / Committee

House of Lords chamber

Related items

Banking Bill. As amended in Committee.
Monday, 26 January 2009
Bills
House of Lords

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

Proceeding contributions

Lord Skelmersdale | 707 c22 (Link to this contribution) Does the Minister realise that he has produced an extraordinary argument for not debating the contin...

Baroness Noakes | 707 c19-20 (Link to this contribution) I shall speak also to the Question whether Clause 167 shall stand part of the Bill, and I shall star...

Show all contributions (301)

Baroness Noakes | 707 c19 (Link to this contribution) Amendment 160 160: Clause 167, page 89, line 3, at end insert— ““214AA Contingency funding: power t...

Lord Myners | 707 c31 (Link to this contribution) I would be more than happy to confirm this in writing if it would help, but I believe that the NLF w...

Baroness Noakes | 707 c31 (Link to this contribution) How many basis points, then, are in that risk premium?

Baroness Noakes | 707 c31 (Link to this contribution) I thank the Minister for that helpful response. He has given a lot of information in his reply, whic...

Lord Newby | 707 c32-3 (Link to this contribution) Debate on whether Clause 171 should stand part of the Bill. My reason for initiating this short de...

Lord Newby | 707 c34 (Link to this contribution) I am grateful to the noble Lord for those partial reassurances. Clause 171 agreed. Clause 172 agre...

Baroness Noakes | 707 c34 (Link to this contribution) Clause 173: Information Debate on whether Clause 173 should stand part of the Bill. I have given ...

Baroness Noakes | 707 c36 (Link to this contribution) Clause 181: Recognition order Amendment 163 163: Clause 181, page 96, line 1, leave out subsection...

Baroness Noakes | 707 c26 (Link to this contribution) Clause 168: Special resolution regime Amendment 161 161: Clause 168, page 89, line 20, at beginnin...

Baroness Noakes | 707 c31 (Link to this contribution) If the NLF loaned the money today, what sort of rate would it charge? We have talked about translati...

Lord Myners | 707 c30-1 (Link to this contribution) I thank the noble Baroness for the brevity with which she spoke. As I look at my daytime job in the ...

Baroness Noakes | 707 c44 (Link to this contribution) If the Minister looks at the amendment he will see that I am not seeking to delete the clause. I am ...

Baroness Noakes | 707 c42-3 (Link to this contribution) I thank the Minister for his response but he did not deal with the point that I raised. He described...

Baroness Noakes | 707 c41 (Link to this contribution) I am grateful to the Minister for setting that out. I thought earlier that he was saying that princi...

Lord Davies of Oldham | 707 c39-41 (Link to this contribution) I am grateful to noble Lords who spoke on this amendment. With respect to the principles behind Clau...

Baroness Noakes | 707 c38 (Link to this contribution) Clause 185: Principles Amendment 164 164: Clause 185, page 97, line 16, at end insert— ““( ) Befor...

Lord Higgins | 707 c39 (Link to this contribution) I understand that it is proposed that the Bank will publish a set of principles with regard to the i...

Lord Myners | 707 c38 (Link to this contribution) It is not what the Minister is saying. I suspect that the noble Baroness is very aware of that and I...

Lord Myners | 707 c38 (Link to this contribution) I shall respond to the noble Lord, Lord Stewartby, by suggesting that the subsection is designed to ...

Baroness Noakes | 707 c36-7 (Link to this contribution) Amendment 163 would delete subsection (3) of Clause 181. This is a probing amendment. We have now re...

Lord Davies of Oldham | 707 c49 (Link to this contribution) I hope that I can be a little more helpful to the noble Lord, because he is on to an important point...

Lord Higgins | 707 c48-9 (Link to this contribution) I am puzzled by the Minister’s reply. Some of his remarks seemed not to be related to Clause 195 at ...

Baroness Noakes | 707 c46-7 (Link to this contribution) Clause 195: Penalty Debate on whether Clause 195 should stand part of the Bill. I have given noti...

Lord Higgins | 707 c47 (Link to this contribution) There is a general sense that if there is a compliance failure, it is compliance failure as much by ...

Baroness Noakes | 707 c44 (Link to this contribution) Clause 189: Role of FSA Amendment 166 166: Clause 189, page 98, line 3, after ““has”” insert ““not...

Baroness Noakes | 707 c46 (Link to this contribution) I thank the Minister for that response. Those who believe that banking supervision should be returne...

Lord Davies of Oldham | 707 c45-6 (Link to this contribution) I am delighted to do my best to resolve the noble Baroness’s anxieties yet again. However, I do not ...

Lord Myners | 707 c57 (Link to this contribution) Clause 225: Consolidated Fund Amendment 173A 173A: Clause 225, page 110, leave out line 32

Baroness Noakes | 707 c56 (Link to this contribution) The Minister has put up a spirited defence of the clause. We were seeking not to challenge the possi...

Lord Davies of Oldham | 707 c52 (Link to this contribution) To answer straightforwardly, yes, they will be cost-related.

Baroness Noakes | 707 c52 (Link to this contribution) Clause 203: Saving for informal oversight Debate on whether Clause 203 should stand part of the Bil...

Baroness Noakes | 707 c51 (Link to this contribution) I hope that we will not be detained as long with this amendment, which amends subsection (1) of Clau...

Lord Davies of Oldham | 707 c51 (Link to this contribution) I am grateful that the noble Baroness recognises that the Bank does not currently intend to charge f...

Baroness Noakes | 707 c51-2 (Link to this contribution) The Minister has not replied to the point I raised, which is whether or not the fees, when set, shou...

Lord Myners | 707 c57-61 (Link to this contribution) Before turning to the amendments, I will take a moment to summarise the purpose of Clause 225 and ex...

Baroness Noakes | 707 c61-3 (Link to this contribution) I have tabled Amendments 173F and 174AA as amendments to the Government’s Amendments 173E and 174A, ...

Baroness Noakes | 707 c64 (Link to this contribution) I understand what the Minister says, but can he confirm that his colleague discussing this in Commit...

Baroness Noakes | 707 c65 (Link to this contribution) I had not realised that the Minister was going to move on so swiftly from institutions. He said that...

Lord Myners | 707 c65-6 (Link to this contribution) I am happy to come to that in a moment but should like to carry on addressing the comments the noble...

Lord Higgins | 707 c18 (Link to this contribution) Is it possible for the public to identify that such a transaction has taken place and, again, is the...

Lord Davies of Oldham | 707 c17-8 (Link to this contribution) I appreciate the concerns expressed by the noble Baroness but hope I am able to persuade her that Am...

Lord Davies of Oldham | 707 c18 (Link to this contribution) As I indicated, because of the nature of the funds, they will be on a short-term rate. However, whet...

Baroness Noakes | 707 c15-6 (Link to this contribution) I want to clarify a small point. The Minister said that pre-funding would not change ““that””, being...

Lord Davies of Oldham | 707 c16 (Link to this contribution) The noble Baroness is asking me to stray down paths on the pre-funding position as a whole that I am...

Baroness Noakes | 707 c15 (Link to this contribution) Amendment 159 seeks to extend the contingency funding arrangements to foreign branch banks. We discu...

Baroness Noakes | 707 c146 (Link to this contribution) I thank the Minister for his considered response. The Minister says that the system works well, so w...

Lord Myners | 707 c146 (Link to this contribution) I am grateful to the noble Lord, Lord Oakeshott of Seagrove Bay, for his observations and comment. I...

Lord Myners | 707 c147-9 (Link to this contribution) Clause 235 removes the legal requirement that the Bank of England must produce weekly returns of acc...

Baroness Noakes | 707 c143-4 (Link to this contribution) Clause 233: Tenure Amendment 199 199: Clause 233, page 114, line 9, at end insert— ““( ) In paragr...

Baroness Noakes | 707 c144 (Link to this contribution) We return to more mundane matters with Amendment 199. I shall speak also to Amendment 200. Clause 23...

Lord Oakeshott of Seagrove Bay | 707 c145-6 (Link to this contribution) I wished to hear what the Minister and the noble Baroness, Lady Noakes, said on this amendment. As t...

Lord Myners | 707 c141-3 (Link to this contribution) At present the definition of price stability is specified in writing to the Bank of England at least...

Lord Saatchi | 707 c140-1 (Link to this contribution) I should have done that and I apologise. We can talk about what to do with both amendments at the en...

Lord Newby | 707 c137-8 (Link to this contribution) One of the first things I learnt about being active in politics was always to stay to the end of the...

Baroness Noakes | 707 c132-3 (Link to this contribution) Amendment 198 introduces a new clause after Clause 228, and deals with a problem that we see as havi...

Lord Myners | 707 c133-4 (Link to this contribution) This proposed new clause would place obligations on the FSA to have regard to the views of the Bank ...

Lord Hoyle | 707 c158 (Link to this contribution) Amendment 203B 203B: After Clause 246, insert the following new Clause— ““Banking in post offices (...

Lord Saatchi | 707 c158 (Link to this contribution) I am so persuaded. The only point that I wish to make to the Minister is that, if he were a lecturer...

Baroness Noakes | 707 c155 (Link to this contribution) I have no interest to declare as a former pensioner of a firm because I am not.

Lord Oakeshott of Seagrove Bay | 707 c156 (Link to this contribution) I am happy to correct any impression that I gave. I thought about it as we were talking about audito...

Lord Myners | 707 c156-8 (Link to this contribution) I listen with great interest to anything that the noble Lord, Lord Saatchi, says about banking. I re...

Lord Saatchi | 707 c153-5 (Link to this contribution) I am moving this amendment because the best form of bank regulation is full disclosure. This amendme...

Baroness Noakes | 707 c152 (Link to this contribution) I thank the Minister for that comprehensive reply, which I shall read carefully in Hansard. I beg le...

Baroness Noakes | 707 c151 (Link to this contribution) I return to the theme of spotting what has emerged in the past 18 months of the banking crisis but i...

Baroness Noakes | 707 c150-1 (Link to this contribution) I do not agree with the Minister. I would not have tabled the amendment if I agreed with him. The Mi...

Lord Myners | 707 c124 (Link to this contribution) I am tempted to take advice from officials on whether financial stability might still be an issue 30...

Lord Eatwell | 707 c122 (Link to this contribution) In this case, the noble Baroness has taken the analogy with the Monetary Policy Committee a little t...

Lord Myners | 707 c122-4 (Link to this contribution) I am grateful for the contributions to this debate by my noble friend Lord Eatwell and the noble Lor...

Lord Davies of Oldham | 707 c130 (Link to this contribution) The noble Baroness suggested on the previous amendment that I was subject to bureaucratic priorities...

Baroness Noakes | 707 c130 (Link to this contribution) The provisions are not already there. There is no requirement in the Act as amended by the Bill for ...

Baroness Noakes | 707 c131 (Link to this contribution) Given that the Bank is required in Section 4 to report not just on its activities but on the indepen...

Lord Davies of Oldham | 707 c131 (Link to this contribution) I do not accept that point. The Bill enhances the responsibility of the Bank of England in this cruc...

Baroness Noakes | 707 c131 (Link to this contribution) I have explained that it is because the 1998 Act specifies the report of one of the sub-committees a...

Baroness Noakes | 707 c132 (Link to this contribution) Amendment 198 198: After Clause 228, insert the following new Clause— ““Debt: assessment of adequac...

Baroness Noakes | 707 c129 (Link to this contribution) I think the Minister has told me that the new clauses have been drafted by bureaucrats for bureaucra...

Lord Davies of Oldham | 707 c127 (Link to this contribution) I am grateful to my noble friend for that insight. I fully appreciate that he brings academic detach...

Lord Davies of Oldham | 707 c126-7 (Link to this contribution) I propose to deal first with the more difficult amendment—Amendment 195, with which we disagree—but ...

Baroness Noakes | 707 c128 (Link to this contribution) I hope that I can deal quickly with this amendment. It would delete subsection (4) of proposed new S...

Lord Davies of Oldham | 707 c128-9 (Link to this contribution) We thought that the two provisions were relatively uncontroversial but the noble Baroness wants me t...

Baroness Noakes | 707 c127-8 (Link to this contribution) I am grateful for the Minister’s comments on Amendment 194. I look forward to seeing the Government ...

Lord Davies of Oldham | 707 c36 (Link to this contribution) As I indicated, the FSA has not finished its consultation on this issue. This is a salient point tha...

Baroness Noakes | 707 c36 (Link to this contribution) I thank the Minister for that explanation, in particular for explaining that existing powers can be ...

Baroness Noakes | 707 c167-8 (Link to this contribution) I beg leave to withdraw the amendment. Amendment 204 withdrawn. Clause 247: ““Financial assistance...

Lord Davies of Oldham | 707 c167 (Link to this contribution) I second the noble Baroness’s vote of thanks to all those who have served the Committee so well thro...

Lord Newby | 707 c164-5 (Link to this contribution) I should like to comment on Amendment 204. In order to save time, I shall also speak briefly to our ...

Lord Oakeshott of Seagrove Bay | 707 c162 (Link to this contribution) I was suggesting that the guarantee is not nearly as good as one from a British Government or bank.

Lord Hoyle | 707 c162-3 (Link to this contribution) It is this morning, in fact. My noble friend, as always, was trying to be very helpful. We are askin...

Lord Clarke of Hampstead | 707 c159-60 (Link to this contribution) It has been worth all the hours of waiting to be able to take part in this debate and support the am...

Lord Oakeshott of Seagrove Bay | 707 c161 (Link to this contribution) The Minister may recall that he was very dismissive of my warnings about Iceland. Can he confirm for...

Baroness Noakes | 707 c163-4 (Link to this contribution) Amendment 204 places a requirement on the Treasury to arrange an independent review of the workings ...

Lord Davies of Oldham | 707 c96-7 (Link to this contribution) We set up the valuer in an independent role to carry out this important exercise. In making that arr...

Baroness Noakes | 707 c96 (Link to this contribution) I am somewhat confused by the Minister’s response. As I recall, the Northern Rock valuation order ma...

Lord Davies of Oldham | 707 c97 (Link to this contribution) I think that we are. I do not see why we should not be.

Viscount Eccles | 707 c97 (Link to this contribution) Can I make absolutely sure that, when auditors are mentioned, we are not talking about the auditors ...

Lord Newby | 707 c95 (Link to this contribution) In moving his amendment, the Minister used the phrases ““swift response”” and ““timely evaluation””....

Lord Davies of Oldham | 707 c96 (Link to this contribution) I was quite specific. I indicated the valuer’s problems. He said that he was unable to get the infor...

Lord Myners | 707 c92-3 (Link to this contribution) Amendment 174F 174F: After Clause 227, insert the following new Clause— ““Investment banks: Regulat...

Baroness Noakes | 707 c92 (Link to this contribution) I am grateful that the Minister will consider the matter again. He said in definite terms that the G...

Lord Myners | 707 c91-2 (Link to this contribution) I am aware that the Delegated Powers Committee has stated that it believes these powers, if permitte...

Lord Davies of Oldham | 707 c94 (Link to this contribution) Amendment 174H 174H: After Clause 227, insert the following new Clause— ““Banking (Special Provisio...

Lord Myners | 707 c87-8 (Link to this contribution) Amendment 174E 174E: After Clause 227, insert the following new Clause— ““Investment banks: Insolve...

Lord Myners | 707 c88-90 (Link to this contribution) We now turn to the second debate on investment banks. This concerns three new government clauses whi...

Lord Myners | 707 c81-2 (Link to this contribution) Inasmuch as prevailing on the noble Lord, Lord Turner, is not seen as an intrusion on his independen...

Baroness Noakes | 707 c76-7 (Link to this contribution) Amendment 174DE is an old fashioned amendment compared with the debates we have just had, because it...

Baroness Noakes | 707 c70-1 (Link to this contribution) I am grateful to the Minister. It will be extremely constructive if he looks at the issue before Rep...

Lord Myners | 707 c70 (Link to this contribution) I recognise the important point that the noble Baroness makes, and I assure her that the Government ...

Lord Higgins | 707 c70 (Link to this contribution) I support my noble friend’s amendment, which seems to be virtually the minimum that one might reason...

Baroness Noakes | 707 c68-9 (Link to this contribution) This amendment introduces a new clause after Clause 226. The new clause is about giving information ...

Lord Higgins | 707 c66 (Link to this contribution) Are we totally abandoning the normal estimates and Appropriation Act procedure as far anything deeme...

Lord Myners | 707 c66 (Link to this contribution) In recognising that these are measures which may be required in an emergency, in which financial sta...

Lord Myners | 707 c67 (Link to this contribution) Amendments 173B to 173D 173B: Clause 225, page 110, line 33, at beginning insert ““by the Treasury”...

Lord Myners | 707 c68 (Link to this contribution) Amendment 174B 174B: Clause 225, page 111, line 3, at end insert— ““(4) Expenditure which could be ...

Baroness Noakes | 707 c120 (Link to this contribution) We can argue about what practice is emerging in the private sector, but that is for another day. I w...

Baroness Noakes | 707 c113-4 (Link to this contribution) I shall move Amendment 179 and speak to the other five amendments in this group. In doing so, and in...

Lord Myners | 707 c116-7 (Link to this contribution) The noble Baroness has raised two questions. I shall seek to answer both with clarity. First, the e...

Baroness Noakes | 707 c116 (Link to this contribution) Can the Minister explain why the senior executive directors with responsibility for financial stabil...

Lord Higgins | 707 c114 (Link to this contribution) I have much sympathy with my noble friend’s view. Why is there any need to have all of this in statu...

Lord Myners | 707 c118-20 (Link to this contribution) This group comprises various amendments, which I will address in turn. The general thrust is to seek...

Baroness Noakes | 707 c108-9 (Link to this contribution) The noble Lord has expressed the frustration that I felt to some extent at the response to my more m...

Baroness Noakes | 707 c109-10 (Link to this contribution) I shall speak also to Amendments 177 and 178. Amendment 176 would add three new subsections to new S...

Baroness Noakes | 707 c112 (Link to this contribution) I thank my noble friends Lord Higgins and Lord Eccles for their contributions to this debate. The M...

Lord Myners | 707 c105-6 (Link to this contribution) No. An additional forum for the entire tripartite to gather is unnecessary. This is not a forum wher...

Lord Higgins | 707 c105 (Link to this contribution) I got the impression a moment ago that the noble Lord said that an additional forum between the trip...

Baroness Noakes | 707 c105 (Link to this contribution) I should like to support what the noble Lord, Lord Eatwell has said. If the Minister read the early ...

Lord Myners | 707 c104 (Link to this contribution) I thank my noble friend for his intervention. I said that the Financial Services Authority already h...

Lord Eatwell | 707 c104 (Link to this contribution) The words ““financial stability”” do not appear in the objectives of the FSA. The words ““market con...

Lord Myners | 707 c103-4 (Link to this contribution) Amendment 175 would place on to statute the requirement that a representative of the Bank of England...

Lord Eatwell | 707 c107-8 (Link to this contribution) My noble friend’s brief must have been written by several hands, such is the number of inconsistenci...

Baroness Noakes | 707 c98 (Link to this contribution) As auditors are being discussed, would an order made in accordance with this amendment allow the val...

Baroness Noakes | 707 c98 (Link to this contribution) Amendment 175 175: Before Clause 228, insert the following new Clause— ““FSA and Bank of England cr...

Viscount Eccles | 707 c97 (Link to this contribution) That would raise a serious issue of the auditors’ duty. I would have thought that the valuer would h...

Baroness Noakes | 707 c98-9 (Link to this contribution) I also speak to Amendment 180, Amendment 183 and Amendment 191. With these amendments I return to th...

Lord Davies of Oldham | 707 c18 (Link to this contribution) On the second point, I can certainly reassure the noble Lord that that is the case. I merely sought ...

Baroness Noakes | 707 c18-9 (Link to this contribution) The Minister has, with the help of my noble friend Lord Higgins, clarified what we are talking about...

Lord Myners | 707 c21-2 (Link to this contribution) The noble Baroness, Lady Noakes, has previously shared with the Committee her interest in the turf. ...

Lord Higgins | 707 c22-3 (Link to this contribution) The proposal is open to the usual objection to a statutory instrument; namely, that when the measure...

Lord Stewartby | 707 c20 (Link to this contribution) Briefly, I support what my noble friends Lady Noakes and Lord Eccles have said. This is one of those...

Viscount Eccles | 707 c20 (Link to this contribution) My noble friend’s argument again raises a familiar point, which is that given current circumstances ...

Lord Myners | 707 c31 (Link to this contribution) It would be unwise for me to speculate on the precise number, but it would certainly be toward the l...

Lord Davies of Oldham | 707 c33-4 (Link to this contribution) I am grateful to the noble Lord for the points he makes on Clause 171. The clause would facilitate t...

Baroness Noakes | 707 c26-7 (Link to this contribution) I shall speak also to related Amendment 162. These amendments add another subsection to proposed new...

Lord Myners | 707 c23 (Link to this contribution) I take Members of the Committee back to my previous observation that the critical principle here is ...

Baroness Noakes | 707 c23-4 (Link to this contribution) The Minister said the cardinal principle was that there should be contribution by the industry. Of c...

Baroness Noakes | 707 c30 (Link to this contribution) I can be brief on this amendment, which adds a new subsection to new Section 223B of the Financial S...

Baroness Noakes | 707 c29 (Link to this contribution) Clause 170: Borrowing from National Loans Fund Amendment 162A 162A: Clause 170, page 91, line 24, ...

Baroness Noakes | 707 c29 (Link to this contribution) I thank the Minister for setting out the Government’s views. I remain concerned that the FSCS, espec...

Lord Myners | 707 c27-9 (Link to this contribution) These amendments concern Clause 168, which provides for the FSCS funding of the SRR. I know that thi...

Baroness Noakes | 707 c43 (Link to this contribution) I hear what the Minister says, and I shall not go into the question of the Government using those po...

Lord Davies of Oldham | 707 c44 (Link to this contribution) On the noble Baroness’s specific point, I am seeking to identify the importance of the powers—which ...

Lord Davies of Oldham | 707 c43 (Link to this contribution) I disagree. We do not think that it is appropriate to extend the FSA’s powers to give directions to ...

Baroness Noakes | 707 c41-2 (Link to this contribution) Amendment 165A adds a new subsection to Clause 188, so that if an interbank payment system does or d...

Baroness Noakes | 707 c41 (Link to this contribution) Clause 188: Directions Amendment 165A 165A: Clause 188, page 97, line 37, at end insert— ““( ) An ...

Baroness Noakes | 707 c38 (Link to this contribution) The Minister has given some interesting answers which we will study carefully. I beg leave to withdr...

Baroness Noakes | 707 c39 (Link to this contribution) Amendment 164 would add a new subsection to Clause 185. I shall also speak to Amendments 165 and 167...

Baroness Noakes | 707 c38 (Link to this contribution) I thank the Minister for that. I think he is saying that, if the Bank ever does operate a system, no...

Lord Stewartby | 707 c38 (Link to this contribution) I was taken rather by surprise by subsection (3) as it is not immediately apparent for whose benefit...

Lord Higgins | 707 c50 (Link to this contribution) We are in danger of becoming a conversation—one Member stands up, then the Minister stands up, then ...

Lord Davies of Oldham | 707 c48 (Link to this contribution) I am grateful to the noble Baroness because she has sharpened my argument and, I hope, shortened my ...

Baroness Noakes | 707 c48 (Link to this contribution) The Minister is being very interesting, but it might speed up the Committee stage if he answered the...

Lord Davies of Oldham | 707 c49-50 (Link to this contribution) If the authorities acted unreasonably that would be the ultimate position. However, the noble Viscou...

Viscount Eccles | 707 c49 (Link to this contribution) Will the Minister consider giving some notice about non-compliance and an opportunity to put it righ...

Lord Davies of Oldham | 707 c49 (Link to this contribution) I was coming to that. In view of the strength of the representations made, we will consider whether ...

Baroness Noakes | 707 c49 (Link to this contribution) I accept what the Minister said about what is in the FSMA, but the FSA has a statutory obligation to...

Baroness Noakes | 707 c44 (Link to this contribution) The Minister correctly identifies the fact that he has failed to deal with the amendment to my satis...

Lord Davies of Oldham | 707 c44 (Link to this contribution) The noble Baroness is right; I withdraw that point. I have been dealing with so many debates on clau...

Baroness Noakes | 707 c44 (Link to this contribution) I am grateful to the noble Lord. I beg leave to withdraw the amendment. Amendment 165A withdrawn. ...

Lord Davies of Oldham | 707 c44 (Link to this contribution) The noble Baroness has not yet withdrawn her amendment, so I am not tardy. I shall ensure that I rep...

Baroness Noakes | 707 c44-5 (Link to this contribution) Amendment 166 amends Clause 189(1). Clause 189 is headed ““Role of FSA””, but the first two subsecti...

Lord Davies of Oldham | 707 c53 (Link to this contribution) It is in circumstances in which the Bank is in action but not necessarily operating under all the fo...

Baroness Noakes | 707 c53 (Link to this contribution) I thank the Minister for the point on the FSA, but could he tell me what informal oversight actually...

Baroness Noakes | 707 c57 (Link to this contribution) I tabled Amendments 171 to 173 in order to debate my party’s proposals for a national loans guarante...

Lord Davies of Oldham | 707 c54-6 (Link to this contribution) I am grateful to the noble Baroness and will seek to answer the noble Lord’s question in a moment, b...

Baroness Noakes | 707 c53-4 (Link to this contribution) We have now got to Part 6, for which we must rejoice. In moving Amendment 169, I shall speak also to...

Lord Higgins | 707 c54 (Link to this contribution) What is the difference between a banknote regulation and a banknote rule?

Lord Davies of Oldham | 707 c50 (Link to this contribution) It is, however, possible that the noble Lord would be stretched in identifying what the misdemeanour...

Baroness Noakes | 707 c50 (Link to this contribution) We must draw this debate to a close. However, we will raise the issue again on Report even if the Mi...

Baroness Noakes | 707 c52 (Link to this contribution) I say straightforwardly therefore that I withdraw the amendment. Amendment 168 withdrawn. Clause 2...

Lord Davies of Oldham | 707 c52-3 (Link to this contribution) I hope to enlighten the noble Baroness on the objectives of the clause. Clause 203 ensures that noth...

Baroness Noakes | 707 c51 (Link to this contribution) Clause 200: Fees Amendment 168 168: Clause 200, page 102, line 4, at end insert ““which reflect th...

Lord Newby | 707 c63 (Link to this contribution) These are pretty wide-ranging powers which masquerade under extremely bland parliamentary drafting. ...

Lord Higgins | 707 c64 (Link to this contribution) These are remarkable powers. It is quite difficult to comprehend at first sight exactly what is invo...

Lord Myners | 707 c64 (Link to this contribution) I can confirm that ““the Secretary of State”” covers all Secretaries of State; that is normal. The i...

Lord Myners | 707 c64-5 (Link to this contribution) I am not in a position to know what was in the mind of my colleague in the other place when he made ...

Lord Davies of Oldham | 707 c18 (Link to this contribution) They will be part of the government funds, which will attract a rate of interest. The noble Lord wil...

Lord Higgins | 707 c18 (Link to this contribution) Will these payments to the National Loans Fund be identifiable publicly? Will they receive rates of ...

Baroness Noakes | 707 c16-7 (Link to this contribution) I also speak to the related Amendment 159B, and have grouped a question on whether Clause 169 should...

Baroness Noakes | 707 c16 (Link to this contribution) I am mystified by the Minister’s reply, but will not prolong this. I might take it up outside the Co...

Baroness Noakes | 707 c14 (Link to this contribution) Clause 167: Contingency funding Amendment 158C not moved. Amendment 159 159: Clause 167, page 88,...

Lord Davies of Oldham | 707 c15 (Link to this contribution) Clause 167 provides for the creation of contingency funds for the Financial Services Compensation Sc...

Baroness Noakes | 707 c149 (Link to this contribution) The Minister’s reply is helpful. I am not sure I understood which Companies Act reporting requiremen...

Baroness Noakes | 707 c146-7 (Link to this contribution) Clause 235: Weekly return Debate on whether Clause 235 should stand part of the Bill. I have give...

Lord Myners | 707 c144-5 (Link to this contribution) As the noble Baroness has explained, her Amendments 199 and 200 would change the duration of the gov...

Lord Saatchi | 707 c143 (Link to this contribution) I thank the Minister for his generous remarks. The noble Lord, Lord Newby, made a brilliantly shrewd...

Lord Newby | 707 c141 (Link to this contribution) I have rather more sympathy for this amendment than for the noble Lord’s previous one. It has been o...

Lord Saatchi | 707 c135-7 (Link to this contribution) These days parliamentarians receive very little praise. What we usually get is offhand criticism by ...

Baroness Noakes | 707 c134-5 (Link to this contribution) The Minister really should not ask me to be charitable. It is not something that comes naturally wor...

Lord Saatchi | 707 c135 (Link to this contribution) Amendment 198A 198A: After Clause 228, insert the following new Clause— ““Objectives in relation to...

Lord Hoyle | 707 c158-9 (Link to this contribution) This is a probing amendment but, in the light of some of the remarks about private banking that the ...

Baroness Noakes | 707 c155 (Link to this contribution) My noble friend has made his usual eloquent and amusing case. I agree with the main thrust of his am...

Lord Oakeshott of Seagrove Bay | 707 c155 (Link to this contribution) Today of all days I would have hoped that the noble Baroness, Lady Noakes, would declare an interest...

Lord Oakeshott of Seagrove Bay | 707 c155-6 (Link to this contribution) We on these Benches support the noble Lord, Lord Saatchi. If I can dare to give him a slight lesson ...

Baroness Anelay of St Johns | 707 c156 (Link to this contribution) It is perhaps appropriate that I thank the Minister at this stage, after what has been an extraordin...

Lord Davies of Oldham | 707 c152 (Link to this contribution) The Government are not opposed per se to the view that credit-rating agencies should be subject to a...

Baroness Noakes | 707 c149-50 (Link to this contribution) Amendment 201 201: Before Clause 238, insert the following new Clause— ““Regulatory objectives For ...

Baroness Noakes | 707 c150 (Link to this contribution) This amends one of the FSA’s regulatory objectives as set out in Section 3 of the Financial Services...

Baroness Noakes | 707 c151 (Link to this contribution) Amendment 202 202: After Clause 239, insert the following new Clause— ““Credit rating agencies (1) ...

Lord Davies of Oldham | 707 c150 (Link to this contribution) This amendment does not add a great deal to the Bill and I will ask the noble Baroness to withdraw i...

Lord Myners | 707 c124 (Link to this contribution) Subject to the caveat in answer to the question asked by my noble friend Lord Eatwell, that is corre...

Lord Myners | 707 c124 (Link to this contribution) Perhaps the noble Baroness would assist the Committee by giving reference to the source of this quot...

Lord Newby | 707 c122 (Link to this contribution) I, too, think that although, in general, greater openness is a good idea, in this case it does not r...

Lord Eatwell | 707 c124 (Link to this contribution) My noble friend said one thing that disturbed me a little as an academic. He said that these minutes...

Lord Davies of Oldham | 707 c131 (Link to this contribution) The Bank has to give a report on its responsibilities. The enhanced role of the Bank with regard to ...

Baroness Noakes | 707 c129-30 (Link to this contribution) I move Amendment 197 which inserts a new subsection into new Section 2C of the Bank of England Act 1...

Baroness Noakes | 707 c129 (Link to this contribution) Amendment 197 197: Clause 228, page 113, line 5, at end insert— ““( ) At the end of section 4(2) of...

Lord Eatwell | 707 c127 (Link to this contribution) My noble friend’s remarks on Amendment 195 are enormously important. The commitment to have practiti...

Baroness Noakes | 707 c128 (Link to this contribution) Amendment 196 196: Clause 228, page 112, line 45, leave out from beginning to end of line 5 on page...

Baroness Noakes | 707 c125 (Link to this contribution) Amendment 194 194: Clause 228, page 112, line 33, leave out ““with the Bank”” and insert ““in relat...

Baroness Noakes | 707 c125 (Link to this contribution) I hear what the Minister has said and I will consider carefully what he has communicated. I will see...

Lord Newby | 707 c167 (Link to this contribution) I join other noble Lords in expressing our appreciation to the staff of the House for putting up wit...

Lord Davies of Oldham | 707 c165-6 (Link to this contribution) As she is fond of doing, the noble Baroness began with a sporting metaphor. Earlier she provoked my ...

Lord Davies of Oldham | 707 c162 (Link to this contribution) I was not seeking to strike it from the record. Of course that is true: the noble Lord is right. I w...

Lord Davies of Oldham | 707 c162 (Link to this contribution) The noble Lord did not introduce that comparison, but of course I accept it. In any circumstances wh...

Lord Oakeshott of Seagrove Bay | 707 c160-1 (Link to this contribution) We on these Benches support the amendment as well. I pay tribute to the noble Lord, Lord Clarke of H...

Lord Davies of Oldham | 707 c161 (Link to this contribution) I am grateful to my noble friend Lord Hoyle for raising this important topic, albeit somewhat later ...

Baroness Noakes | 707 c163 (Link to this contribution) Amendment 204 204: Before Clause 247, insert the following new Clause— ““Review of Act (1) The Trea...

Lord Davies of Oldham | 707 c94-5 (Link to this contribution) Amendment 174H in the name of my noble friend Lord Myners provides for an amendment to the Banking (...

Baroness Noakes | 707 c95 (Link to this contribution) We understand that this amendment is necessary because the Northern Rock valuer is unable to obtain ...

Lord Davies of Oldham | 707 c95-6 (Link to this contribution) On that latter point, the Northern Rock valuer was appointed in September 2008. We are as keen as an...

Lord Northbrook | 707 c96 (Link to this contribution) The Minister has not answered my noble friend Lady Noakes’s question. What information was denied to...

Lord Myners | 707 c93-4 (Link to this contribution) Amendment 174G 174G: After Clause 227, insert the following new Clause— ““Investment banks: Regulat...

Lord Newby | 707 c90-1 (Link to this contribution) I support the amendment tabled by the noble Baroness. If the Bill as a whole is being done in a rush...

Lord Northbrook | 707 c91 (Link to this contribution) I support the amendment tabled by my noble friend Lady Noakes, and I repeat what the Delegated Power...

Baroness Noakes | 707 c90 (Link to this contribution) I have Amendment 174GA in this group, which is a response to the second report of this Session from ...

Lord Williams of Elvel | 707 c82 (Link to this contribution) I beg leave to withdraw my amendment. Amendment 174DA (to Amendment 174D) withdrawn. Amendments 17...

Lord Eatwell | 707 c80 (Link to this contribution) Does the Minister agree that my noble friend Lord Williams and the noble Lord, Lord Newby, might dra...

Lord Myners | 707 c78-80 (Link to this contribution) I assure my noble friend that not only do I have a view but I expressed it at Second Reading and wil...

Lord Northbrook | 707 c80 (Link to this contribution) Will the Minister prevail on the noble Lord, Lord Turner, to give us the benefit of his wisdom in th...

Lord Myners | 707 c80 (Link to this contribution) I am not familiar with the G30 report to which my noble friend Lord Eatwell refers but I shall certa...

Lord Northbrook | 707 c77 (Link to this contribution) I rise to support the amendment of my noble friend Lady Noakes. Surely conditions 1, 2 and 3 in subs...

Lord Myners | 707 c77-8 (Link to this contribution) I have listened with interest to the amendments proposed by noble Lords. I start with those proposed...

Lord Williams of Elvel | 707 c78 (Link to this contribution) Does my noble friend have no view at all on the principle that I have expressed?

Lord Williams of Elvel | 707 c74-5 (Link to this contribution) It may be convenient for the Committee if I speak to the whole of the group rather than just to the ...

Lord Williams of Elvel | 707 c74 (Link to this contribution) Amendment 174DA (to Amendment 174) 174DA: After Clause 227, line 10, at end insert— ““(d) underwrit...

Lord Myners | 707 c71-4 (Link to this contribution) The amendment inserts the first of four new clauses that will allow the Government to introduce regu...

Lord Myners | 707 c71 (Link to this contribution) Amendment 174D 174D: After Clause 227, insert the following new Clause— ““Investment banks: Definit...

Lord Newby | 707 c69-70 (Link to this contribution) The noble Baroness raises a very important point, although I am not sure that monthly accounting is ...

Lord Myners | 707 c67 (Link to this contribution) Amendment 173E 173E: Clause 225, page 110, line 37, at end insert— ““(1A) For the purpose of subsec...

Lord Myners | 707 c67 (Link to this contribution) Amendment 174A 174A: Clause 225, page 110, line 38, at end insert ““(and an order under that sectio...

Baroness Noakes | 707 c68 (Link to this contribution) Amendment 174BA 174BA: After Clause 226, insert the following new Clause— ““Transparency: report to...

Lord Myners | 707 c66 (Link to this contribution) The noble Lords, Lord Higgins and Lord Turnbull, have raised important questions about anonymity. I ...

Lord Myners | 707 c121 (Link to this contribution) I welcome the intervention of the noble Lord, Lord Oakeshott. However, I have considerable respect f...

Baroness Noakes | 707 c121 (Link to this contribution) We have probably taken this group of amendments as far as we can this evening, and I shall consider ...

Lord Myners | 707 c120 (Link to this contribution) My experience is that it is now increasingly the custom and practice on plc boards that a majority o...

Lord Myners | 707 c120-1 (Link to this contribution) The noble Baroness has denied me the right to reach out to plc for yet another precedent. Boards of ...

Baroness Noakes | 707 c120 (Link to this contribution) The Minister responded on the basis that I was proposing an executive committee, but I thought that ...

Lord Myners | 707 c120 (Link to this contribution) In precisely the same way as a board of directors oversees the work of a remuneration and nomination...

Baroness Noakes | 707 c120 (Link to this contribution) That is absolutely right, but it is not the case that a majority of the members will be on those com...

Baroness Noakes | 707 c112 (Link to this contribution) Amendment 179 179: Clause 228, page 111, line 38, leave out ““sub-committee of the court of directo...

Lord Myners | 707 c114-6 (Link to this contribution) I am saddened at my apparent mishandling of this section on the Financial Stability Committee. For t...

Baroness Noakes | 707 c117-8 (Link to this contribution) Moving on from the composition and positioning of the Financial Stability Committee, I come to its r...

Baroness Noakes | 707 c117 (Link to this contribution) Amendment 186 186: Clause 228, page 112, line 7, leave out from first ““to”” to ““implementation”” ...

Baroness Noakes | 707 c109 (Link to this contribution) Clause 228: UK financial stability Amendment 176 176: Clause 228, page 111, line 33, at end insert...

Lord Myners | 707 c110-1 (Link to this contribution) Amendments 176, 177 and 178 are seeking to do similar things in slightly different ways. The intenti...

Lord Higgins | 707 c110 (Link to this contribution) I support my noble friend. It may be appropriate to make one or two general remarks about the whole ...

Lord Myners | 707 c111 (Link to this contribution) I am grateful to the noble Viscount, Lord Eccles, for that helpful contribution.

Viscount Eccles | 707 c111 (Link to this contribution) I offer one definition of financial stability, or at least a test, which might be considered when th...

Lord Eatwell | 707 c112 (Link to this contribution) As I said at the end of my previous remarks, I felt that the Government had not taken cognisance of ...

Baroness Noakes | 707 c106 (Link to this contribution) We are all struggling with the concept of why the tripartite authorities do not need something like ...

Lord Myners | 707 c105 (Link to this contribution) For the benefit of the noble Baroness, I repeat the reply that I gave my noble friend Lord Eatwell. ...

Lord Myners | 707 c106-7 (Link to this contribution) We are in danger of confusing a number of separate issues. The Financial Stability Committee is a co...

Lord Davies of Oldham | 707 c97-8 (Link to this contribution) It is not the Government forming these judgments but the independent valuer on the information he ne...

Lord Davies of Oldham | 707 c98 (Link to this contribution) I hasten to add that the valuer is not an authority. He has not got the authority to carry out a fis...

Viscount Eccles | 707 c97 (Link to this contribution) I wish to pursue the question of this auditor. The auditor is an officer of the company. Auditors wi...

Lord Eatwell | 707 c99-102 (Link to this contribution) The Bill will create major powers for the management of financial instability. However, the powers i...

Lord Newby | 707 c102 (Link to this contribution) I have great sympathy with the case made by noble Lords who have spoken and, in particular, with the...

Lord Davies of Oldham | 707 c47-8 (Link to this contribution) I am grateful to both noble Lords who have spoken to this amendment. The Government regard Clause 19...

Baroness Noakes | 707 c53 (Link to this contribution) Clause 213: Banknote rules Amendment 169 169: Clause 213, page 106, line 1, leave out subsection (...

Baroness Noakes | 707 c57 (Link to this contribution) Amendment 171 171: After Clause 224, insert the following new Clause— ““Guarantees for lending by b...

Lord Higgins | 707 c66 (Link to this contribution) I am grateful to the noble Lord. I do not think he has covered my initial question. Are we totally a...

Baroness Noakes | 707 c16 (Link to this contribution) Amendment 159A 159A: Clause 167, page 88, line 35, leave out ““and””

Baroness Noakes | 707 c124 (Link to this contribution) I thank the Minister for his response. I understand that the Chancellor of the Exchequer has said th...

Lord Newby | 707 c75-6 (Link to this contribution) The Minister is right that the amendment tabled by my noble friend Lord Oakeshott and me is designed...

Baroness Noakes | 707 c121 (Link to this contribution) Amendment 193 193: Clause 228, page 112, line 29, at end insert— ““2BA Financial Stability Committe...

Lord Eatwell | 707 c112 (Link to this contribution) Amendment 178A 178A: Clause 228, page 111, line 38, after ““a”” insert ““joint””

Lord Higgins | 707 c18 (Link to this contribution) I may understand their nature but if one organisation makes a deposit with the other organisation, I...

Lord Davies of Oldham | 707 c35-6 (Link to this contribution) I am grateful to the noble Baroness for initiating this debate if it gives me a chance to recover fr...

Lord Saatchi | 707 c152-3 (Link to this contribution) Amendment 203A 203A: After Clause 246, insert the following new Clause— ““Audit of banks Audit of b...

Baroness Noakes | 707 c121-2 (Link to this contribution) Amendment 193 requires the publication of the minutes of the Financial Stability Committee by insert...

Baroness Noakes | 707 c125-6 (Link to this contribution) In moving Amendment 194 I shall speak also to Amendment 195. These amendments concern the conflict o...

Baroness Noakes | 707 c67 (Link to this contribution) I want to place on the record that I am extremely disappointed with the Government’s attitude in rel...

Lord Davies of Oldham | 707 c42 (Link to this contribution) I am grateful to the noble Baroness for the way in which she introduced her amendment, and for the f...

Lord Myners | 707 c37-8 (Link to this contribution) Part 5 involves the Government legislating to formalise the Bank of England’s role in the oversight ...

Lord Myners | 707 c138-9 (Link to this contribution) As we heard, Amendment 198A would change the objective of the Bank of England in relation to monetar...

Baroness Noakes | 707 c124 (Link to this contribution) I do not have a reference with me, but I am sure that I can find it later and let the Minister know....

Baroness Noakes | 707 c166-7 (Link to this contribution) I thank the noble Lord, Lord Newby, for taking part in the debate and for grouping his Amendment 208...

Lord Turnbull | 707 c66 (Link to this contribution) Like the noble Lord, Lord Higgins, I do not understand why, if something is urgent under proposed su...

Lord Oakeshott of Seagrove Bay | 707 c121 (Link to this contribution) Will the Minister accept from these Benches that what he states as the normal current practice of pl...

Baroness Noakes | 707 c117 (Link to this contribution) The Minister has certainly given us more information about the committee. I am still confused about ...

Lord Davies of Oldham | 707 c97 (Link to this contribution) I beg to differ with the noble Viscount. The valuer clearly thought this was an important source of ...

Subjects

Disclosure of information Compensation Codes of practice Audit Assets Debts Bank services Banks Delegated legislation Bank of England Bank notes Deposits Credit rating Housing Finance Fees and charges Liability EU law Investment Financial institutions Insolvency European communities Government assistance Financial Services Authority Financial markets Foreign companies Private sector Membership Public expenditure Property Parliamentary scrutiny Loans Post offices Monetary policy Statistics Regulation Stocks and shares Valuation Treasury Financial Services Compensation Scheme National Loans Fund Northern Rock Financial Stability Committee Sunset clauses

Legislation

Banking Bill 2007-08 to 2008-09

Link

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