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Debate on bill on Monday, 2 February 2009, in the House of Lords.

Banking Bill

Banking Bill. Lords Report stage first day.

Secondary information

Type
Parliamentary proceeding
Reference
707 c481-546 
Session
2008-09
Department
Treasury
Legislative stage
Report stage
Procedure
New clauses
Equality of votes
Chamber / Committee
House of Lords chamber
Related items
Banking Bill. As amended in Committee.
Monday, 26 January 2009
Bills
House of Lords
Proceeding contributions
Lord Myners | 707 c520 (Link to this contribution) Amendment 17 17: Clause 10, page 6, line 7, leave out ““and third party compensation orders”” and i...
Baroness Noakes | 707 c520 (Link to this contribution) Clause 13: Temporary public ownership Amendment 18 18: Clause 13, page 7, line 22, at end insert— ...
Show all contributions (121)
Baroness Noakes | 707 c523 (Link to this contribution) My Lords, I am sure that Parliament would find a way, but it would have to search for it. Northern R...
Baroness Noakes | 707 c523-4 (Link to this contribution) Amendment 19 19: After Clause 13, insert the following new Clause— ““Transparency: temporary public...
Baroness Noakes | 707 c524 (Link to this contribution) I thought that I was going to have a rest. The amendment calls for regular financial and other infor...
Lord Northbrook | 707 c524-5 (Link to this contribution) My Lords, I welcome my noble friend’s Amendment 19. I am very pleased to see that government Amendme...
Baroness Noakes | 707 c521 (Link to this contribution) My Lords, this amendment would insert a new subsection into Clause 13, which deals with the Treasury...
Lord Davies of Oldham | 707 c521-3 (Link to this contribution) As the noble Baroness has faithfully reflected, we debated ““temporary”” in Committee, when the Gove...
Baroness Noakes | 707 c523 (Link to this contribution) My Lords, I thank the Minister for setting out the Government’s objections to my modest amendment, w...
Lord Davies of Oldham | 707 c523 (Link to this contribution) My Lords, is the noble Baroness seriously contending that Parliament would not find a way of holding...
Lord Davies of Oldham | 707 c498-9 (Link to this contribution) My Lords, I am grateful to all noble Lords who have spoken, particularly as their speeches were unit...
Baroness Noakes | 707 c499-500 (Link to this contribution) My Lords, I thank the Minister for that response, and I thank the noble Lord, Lord Newby, and my nob...
Baroness Noakes | 707 c501 (Link to this contribution) Clause 5: Code of practice Amendment 7 7: Clause 5, page 3, line 32, at end insert— ““( ) The code...
Baroness Noakes | 707 c501 (Link to this contribution) My Lords, the amendment would add a subsection to Clause 5 requiring the code to provide guidance on...
Baroness Noakes | 707 c496-7 (Link to this contribution) My Lords, this amendment takes up the theme of transparency which I shall pursue at various points i...
Baroness Noakes | 707 c496 (Link to this contribution) Amendment 6 6: After Clause 4, insert the following new Clause— ““Transparency: general (1) Wheneve...
Viscount Eccles | 707 c497-8 (Link to this contribution) My Lords, the draft code goes a long way to support the points just made by the noble Lord, Lord New...
Lord Newby | 707 c497 (Link to this contribution) My Lords, I have a lot of sympathy with the motive behind this amendment because it is in everyone’s...
Lord Myners | 707 c495-6 (Link to this contribution) My Lords, this amendment would require the authorities to have regard to the interest of creditors a...
Baroness Noakes | 707 c506 (Link to this contribution) Amendment 12 12: Clause 5, page 4, line 18, leave out subsection (2) and insert— ““(2) The code sha...
Lord Davies of Oldham | 707 c505 (Link to this contribution) My Lords, I do not think there is a great distance between us and the Opposition on these issues. Th...
Lord Howard of Rising | 707 c505-6 (Link to this contribution) My Lords, I wish that I had a pound note for every time the Minister has told me that he agrees with...
Lord Howard of Rising | 707 c504-5 (Link to this contribution) My Lords, this amendment is simple. It states that if the code is not followed, there should be an e...
Lord Howard of Rising | 707 c504 (Link to this contribution) Amendment 11 11: Clause 5, page 4, line 6, at end insert ““and if the authorities do not follow the...
Lord Myners | 707 c504 (Link to this contribution) Amendments 8 to 10 8: Clause 5, page 3, line 34, leave out paragraph (a) and insert— ““(a) how the ...
Baroness Noakes | 707 c504 (Link to this contribution) My Lords, I thank the Minister for his reply and for dealing with the important point raised by my n...
Lord Davies of Oldham | 707 c503-4 (Link to this contribution) My Lords, I have said my piece for Report, but the noble Viscount presses me. He caught me just befo...
Viscount Eccles | 707 c503 (Link to this contribution) My Lords, before my noble friend replies, let me just say that Amendment 8 refers to, "““how the spe...
Lord Davies of Oldham | 707 c501-3 (Link to this contribution) My Lords, I am grateful to the noble Baroness for the way in which she moved her amendment. I apprec...
Baroness Noakes | 707 c512-3 (Link to this contribution) My Lords, we now come to Clause 7, which is crucial in the context of the special resolution regime ...
Lord Myners | 707 c513-5 (Link to this contribution) My Lords, in Committee the Government committed to reflecting on the most suitable form of words to ...
Lord Newby | 707 c507 (Link to this contribution) My Lords, I support the amendment. The more one looks at the code, the more one realises how substan...
Baroness Noakes | 707 c506-7 (Link to this contribution) My Lords, the amendment replaces Clause 6(2) with two new subsections. Subsection (2) requires the T...
Viscount Eccles | 707 c509 (Link to this contribution) My Lords, I am sure that the Minister will accept that many times when statutory instruments come be...
Lord Davies of Oldham | 707 c507-9 (Link to this contribution) My Lords, I am grateful to noble Lords who have spoken on this issue, which occasioned some debate i...
Baroness Noakes | 707 c510 (Link to this contribution) My Lords, I thank my noble friend Lord Eccles for his contribution and I am grateful for the support...
Lord Davies of Oldham | 707 c509-10 (Link to this contribution) No indeed, my Lords. I was not seeking to detract from that at all. I was merely indicating that thi...
Baroness Noakes | 707 c512 (Link to this contribution) Clause 7: General conditions Amendment 13 13: Clause 7, page 4, line 30, leave out ““not reasonabl...
Baroness Gibson of Market Rasen | 707 c511 (Link to this contribution) My Lords, there being an equality of votes, in accordance with Standing Order 57, which provides tha...
Lord Myners | 707 c520 (Link to this contribution) My Lords, I thank the noble Viscount for that observation, which is absolutely spot on. Amendment 1...
Baroness Noakes | 707 c518-9 (Link to this contribution) My Lords, I thank the Minister for setting out the Government’s position, although I am disappointed...
Lord Myners | 707 c517-8 (Link to this contribution) My Lords, we return to the matter of temporary public ownership and the extent to which it is necess...
Baroness Noakes | 707 c516 (Link to this contribution) Clause 9: Specific conditions: temporary public ownership Amendment 14 14: Clause 9, page 5, line ...
Viscount Eccles | 707 c520 (Link to this contribution) My Lords, I hope that it is recognised that the Government’s amendment and the stabilisation regime ...
Baroness Noakes | 707 c520 (Link to this contribution) My Lords, I wholeheartedly endorse the Government’s amendment. They have produced an amendment that ...
Lord Myners | 707 c519-20 (Link to this contribution) My Lords, in moving government Amendment 15, I will also speak to government Amendments 17 and 66. I...
Lord Myners | 707 c519 (Link to this contribution) Clause 10: Banking Liaison Panel Amendment 15 15: Clause 10, page 6, line 4, at end insert ““the e...
Baroness Noakes | 707 c515-6 (Link to this contribution) My Lords, I thank the Minister for setting out extensively the Government’s case against the amendme...
Lord Myners | 707 c482-3 (Link to this contribution) My Lords, I welcome the constructive opening comments made by the noble Baroness, Lady Noakes, and I...
Baroness Noakes | 707 c483 (Link to this contribution) My Lords, I thank the Minister for that response. It seems that the Government want the ability to s...
Baroness Noakes | 707 c481-2 (Link to this contribution) My Lords, in moving Amendment 1, I launch what I hope will be an enjoyable couple of days on Report....
Baroness Noakes | 707 c481 (Link to this contribution) Clause: Overview Amendment 1 1: Clause 1, page 1, line 13, leave out ““private sector”” and insert...
Lord Stewartby | 707 c485 (Link to this contribution) My Lords, I add a brief word in support of what my noble friend has just said. There was a long peri...
Viscount Eccles | 707 c485 (Link to this contribution) My Lords, I, too, support my noble friend’s amendment. Two uncertainties run through the whole Bill....
Baroness Noakes | 707 c483 (Link to this contribution) Amendment 2 2: Clause 1, page 2, line 5, at end insert— ““( ) If there is any conflict between the ...
Baroness Noakes | 707 c484-5 (Link to this contribution) My Lords, this amendment deals with the question of who is in charge, which has hovered over the tri...
Baroness Noakes | 707 c487-8 (Link to this contribution) My Lords, this amendment would add additional words to objective 3 of the special resolution objecti...
Baroness Noakes | 707 c487 (Link to this contribution) Clause 4: Special resolution objectives Amendment 3 3: Clause 4, page 3, line 22, at end insert ““...
Baroness Noakes | 707 c487 (Link to this contribution) My Lords, I thank my noble friends Lord Stewartby and Lord Eccles for their support of this amendmen...
Lord Myners | 707 c485-7 (Link to this contribution) My Lords, the amendment, and the issues to which it draws attention, was debated in Committee. I reg...
Lord Stewartby | 707 c489 (Link to this contribution) My Lords, I do not think that the Government have sufficiently taken on board the enormous importanc...
Lord Newby | 707 c488-9 (Link to this contribution) My Lords, we supported the amendment in Committee. As the noble Baroness has just said, the Minister...
Viscount Eccles | 707 c489 (Link to this contribution) My Lords, I add that the Government’s view on this seems in sharp contrast to the amount of space in...
Lord Myners | 707 c489-91 (Link to this contribution) My Lords, the noble Baroness pointed out in Committee that the British Bankers’ Association feels st...
Baroness Noakes | 707 c491-2 (Link to this contribution) My Lords, I thought that the Minister would disappoint me completely in his extensive reply, in whic...
Lord Howard of Rising | 707 c492 (Link to this contribution) Amendment 4 4: Clause 4, page 3, line 25, at end insert— ““( ) Objective 6 is to avoid the distorti...
Lord Howard of Rising | 707 c492 (Link to this contribution) My Lords, the amendment is to ensure that in the event of the powers of the special resolution regim...
Lord Howard of Rising | 707 c494 (Link to this contribution) My Lords, I thank the Minister for his remarks. However, his endeavours have not been very successfu...
Lord Howard of Rising | 707 c494-5 (Link to this contribution) My Lords, Amendment 5 gives recognition to the interests of creditors and shareholders. This is a mo...
Lord Howard of Rising | 707 c494 (Link to this contribution) Amendment 5 5: Clause 4, page 3, line 27, at end insert— ““( ) In addition to the objectives set ou...
Lord Newby | 707 c495 (Link to this contribution) My Lords, this amendment in essence incorporates an amendment that stood in my name in Committee, so...
Lord Myners | 707 c534 (Link to this contribution) Government Amendments 25 and 31 are a direct response to the amendments tabled in Committee by the n...
Baroness Noakes | 707 c533-4 (Link to this contribution) My Lords, I shall move Amendment 24 and speak to the other amendments in my name in this group. I sa...
Lord Myners | 707 c534 (Link to this contribution) Amendment 25 25: Clause 24, page 11, line 37, at end insert— ““(3) Where the Treasury receive a cop...
Baroness Noakes | 707 c534 (Link to this contribution) My Lords, the Minister asked so nicely that I can do nothing but withdraw my amendment. Amendment 2...
Baroness Noakes | 707 c535 (Link to this contribution) Clause 54: Independent valuer Amendment 39 39: Clause 54, page 26, line 35, leave out ““a”” and in...
Lord Myners | 707 c535 (Link to this contribution) Clause 41: Procedure Amendment 31 31: Clause 41, page 20, line 6, at end insert— ““(3) Where the T...
Lord Myners | 707 c531-2 (Link to this contribution) My Lords, this amendment addresses an issue of concern with regard to the levels of remuneration pai...
Lord Wedderburn of Charlton | 707 c528-31 (Link to this contribution) My Lords, the amendment raises the question raised in Committee when my noble friend Lady Turner of ...
Baroness Noakes | 707 c533 (Link to this contribution) Clause 24: Procedure: instruments Amendment 24 24: Clause 24, page 11, line 31, at end insert— ““(...
Lord Wedderburn of Charlton | 707 c532-3 (Link to this contribution) My Lords, I am very grateful to the Minister for his answer. My mind naturally returns to the many o...
Baroness Ford | 707 c527 (Link to this contribution) My Lords, I ask my noble friend to take on board the point about UKFI. I absolutely support the sent...
Viscount Eccles | 707 c526-7 (Link to this contribution) My Lords, Amendment 60 is welcome but is written at a time when it is pretty clear that the banks di...
Lord Myners | 707 c526 (Link to this contribution) My Lords, I shall endeavour to help the House by giving noble Lords straight answers to their questi...
Baroness Noakes | 707 c526 (Link to this contribution) My Lords, I have two questions for the Minister. He referred to the information made available by No...
Lord Wedderburn of Charlton | 707 c528 (Link to this contribution) Amendment 20 20: After Clause 21, insert the following new Clause— ““Remuneration committee (1) The...
Baroness Noakes | 707 c527 (Link to this contribution) My Lords, this has been an interesting debate and I look forward to the Minister writing to me if he...
Lord Myners | 707 c527 (Link to this contribution) My Lords, I first congratulate my noble friend on working for a Canadian bank, a jurisdiction in whi...
Lord Myners | 707 c525-6 (Link to this contribution) My Lords, government Amendment 60 requires the Treasury to lay before Parliament every year a report...
Baroness Noakes | 707 c525 (Link to this contribution) My Lords, I shall withdraw ““shady”” and stick with ““shadowy””.
Baroness Noakes | 707 c542-3 (Link to this contribution) My Lords, the amendment adds a new subsection to Clause 71, which deals with pensions. The powers in...
Baroness Noakes | 707 c542 (Link to this contribution) Clause 71: Pensions Amendment 49 49: Clause 71, page 37, line 13, at end insert— ““( ) An order or...
Lord Northbrook | 707 c544 (Link to this contribution) My Lords, I have listened carefully to the Minister’s discussion about the need for consequential pr...
Lord Davies of Oldham | 707 c543-4 (Link to this contribution) My Lords, we debated this issue substantially in Committee and I appreciate the noble Baroness’s con...
Lord Myners | 707 c542 (Link to this contribution) Amendment 45 45: Clause 58, page 29, line 31, leave out paragraph (a) Amendment 45 agreed. Amendm...
Baroness Noakes | 707 c541 (Link to this contribution) My Lords, the Minister may get an opportunity to move his amendment in a moment, but not yet. I tha...
Lord Myners | 707 c542 (Link to this contribution) Amendment 48 48: Clause 58, page 29, line 42, at end insert— ““(8) A requirement under subsection (...
Lord Myners | 707 c542 (Link to this contribution) Amendment 47 47: Clause 58, page 29, line 39, leave out paragraph (a) Amendment 47 agreed.
Lord Myners | 707 c540-1 (Link to this contribution) My Lords, the amendment concerns putting in place a resolution fund as a means of compensation and w...
Baroness Noakes | 707 c539-40 (Link to this contribution) My Lords, I shall speak also to Amendments 44 and 46. The amendments seek to amend subsection (6) of...
Baroness Noakes | 707 c539 (Link to this contribution) Clause 58: Resolution fund Amendment 43 43: Clause 58, page 29, line 28, leave out ““may”” and ins...
Baroness Noakes | 707 c538-9 (Link to this contribution) My Lords, I thank the Minister for setting out the Government’s response. It is difficult to accept ...
Lord Davies of Oldham | 707 c537-8 (Link to this contribution) My Lords, we debated this issue fairly extensively in Committee when the noble Baroness expressed he...
Baroness Noakes | 707 c536-7 (Link to this contribution) My Lords, I shall speak also to Amendments 41 and 42. These are amendments to Clause 57, which deals...
Baroness Noakes | 707 c536 (Link to this contribution) Clause 57: Valuation principles Amendment 40 40: Clause 57, page 28, line 27, leave out ““to be ap...
Baroness Noakes | 707 c536 (Link to this contribution) My Lords, I shall have to take the Minister at his word on this subject. I beg leave to withdraw the...
Lord Davies of Oldham | 707 c536 (Link to this contribution) My Lords, that is the intention—independence of the Executive.
Baroness Noakes | 707 c536 (Link to this contribution) My Lords, I speak as a person unfamiliar with belts and braces for keeping trousers up. The Minister...
Lord Davies of Oldham | 707 c535-6 (Link to this contribution) My Lords, as the noble Baroness said, we debated the issue of the independence of the valuer in Comm...
Baroness Noakes | 707 c535 (Link to this contribution) My Lords, the amendment inserts the word ““independent”” into Clause 54(2). This clause deals with t...
Baroness Noakes | 707 c545 (Link to this contribution) My Lords, I thank the Minister for setting out the Government’s view of Clause 71 in such detail. I ...
Lord Myners | 707 c545 (Link to this contribution) Clause 74: Tax Amendment 50 50: Clause 74, page 39, line 6, after ““section”” insert— ““(a) ””
Lord Davies of Oldham | 707 c545 (Link to this contribution) My Lords, I hear the noble Lord’s further point on that, but he will appreciate how closely we have ...
Lord Myners | 707 c546 (Link to this contribution) Amendment 51 51: Clause 74, page 39, line 8, leave out ““Regulations under this section”” and inser...
Baroness Noakes | 707 c546 (Link to this contribution) Amendment 53 53: Clause 74, page 39, line 10, leave out subsection (10) Amendment 53 agreed
Lord Myners | 707 c545-6 (Link to this contribution) My Lords, the Government’s amendments to Clause 74 respond to the concerns expressed in Committee ab...
Baroness Noakes | 707 c546 (Link to this contribution) My Lords, I am delighted that the Minister has adopted my Amendment 53 and has produced his own vers...
Lord Howard of Rising | 707 c496 (Link to this contribution) My Lords, I thank the noble Lord, Lord Newby, for his support for the amendment. I do not see how th...
Lord Myners | 707 c492-4 (Link to this contribution) My Lords, this is another area where I think that there is very little difference between the Opposi...
Baroness Noakes | 707 c516-7 (Link to this contribution) My Lords, Amendment 14 seeks to add some crucial words to Clause 9, which empowers the Treasury to t...
Lord Myners | 707 c525 (Link to this contribution) My Lords, I not sure whether the description was that UKFI was a shady or a shadowy organisation.
Subjects
Disclosure of information Compensation Codes of practice Consumers Accountability Directors Assets Bank services Banks Competition Delegated legislation Advisory services Building societies Bank of England Finance Human rights EU law Financial institutions Insolvency Government assistance Financial Services Authority Private sector Protection Pay Public appointments Pensions Public interest Property transfer Mergers Parliamentary scrutiny Pension funds Pension rights Nationalisation Regulation Shares Valuation Taxation Shareholders Treasury UK Financial Investments Financial Services Compensation Scheme Northern Rock Bradford and Bingley Hampton, Philip
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Parliamentary proceeding on www.publications.parliament.uk