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Debate on bill on Tuesday, 10 February 2009, in the House of Commons.

Banking Bill

Banking Bill. Queen's recommendation signified. Money resolution agreed to on division (273 votes to 7). Programme motion (No. 4) on proceedings on Lords amendments and subsequent stages, agreed to on question. Lords amendments considered. Lords amendment 83 disagreed to with an amendment in lieu. Lords amendments 1 to 82, 84 to 97 agreed to.

Secondary information

Type
Parliamentary proceeding
Reference
487 c1261-343;487 c1259-341 
Session
2008-09
Department
Treasury
Legislative stage
Lords amendments
Procedure
Programme motions
New clauses
Money resolutions
Queen's recommendation
Chamber / Committee
House of Commons chamber
Related items
Banking Bill. Commons disagreement and amendment in lieu.
Wednesday, 11 February 2009
Bills
House of Lords
Proceeding contributions
Mark Hoban | 487 c1262;487 c1260 (Link to this contribution) Indeed; my right hon. Friend makes an important point. The scale of the financial intervention that ...
Lord Redwood | 487 c1273;487 c1271 (Link to this contribution) Will the Minister tell the House how much money we are talking about for this year and next, under t...
Show all contributions (196)
Ian Pearson | 487 c1273;487 c1271 (Link to this contribution) We have explained this, in our previous statements to the House on bank recapitalisation, and in our...
Ian Pearson | 487 c1279-80;487 c1277-8 (Link to this contribution) Unfortunately, I do not agree with hon. Gentleman. Exceptional events have been taking place in mone...
Ian Pearson | 487 c1278;487 c1276 (Link to this contribution) I shall discuss those points, but basically the answer is that we have the balance right in what we ...
Ian Pearson | 487 c1277-8;487 c1275-6 (Link to this contribution) Before addressing the amendments made in the other place in detail and the amendment the Government ...
Lord Redwood | 487 c1278;487 c1276 (Link to this contribution) If we approve the Bill as it stands, is there a danger that because there will no longer be a weekly...
Ian Pearson | 487 c1277;487 c1275 (Link to this contribution) I beg to move, That this House disagrees with Lords amendment 83.
Speaker | 487 c1277;487 c1275 (Link to this contribution) With this it will be convenient to take the Government amendment in lieu of Lords amendment 83. Lor...
Derek Twigg | 487 c1280;487 c1278 (Link to this contribution) My hon. Friend makes an important point. There is great outrage about bonuses being paid by banks, a...
Ian Pearson | 487 c1280;487 c1278 (Link to this contribution) I agree strongly: it is right that we should be as transparent as we reasonably can, while recognisi...
Peter Bone | 487 c1280;487 c1278 (Link to this contribution) I remember the debates in Committee over this point. One of the dangers of not having transparency i...
Ian Pearson | 487 c1280;487 c1278 (Link to this contribution) I cannot speak for the business managers of the House, obviously. However, as part of the normal rep...
Jim Cousins | 487 c1280-1;487 c1278-9 (Link to this contribution) May I put three examples to my hon. Friend? Let us say that the Bank of England were to start buying...
Stewart Hosie | 487 c1291;487 c1289 (Link to this contribution) Yes, that would be helpful. However, I am conscious of the need to protect individuals or organisati...
Ian Pearson | 487 c1281;487 c1279 (Link to this contribution) As a Government, we always want to be open and transparent. As an experienced Member of this House, ...
Ian Pearson | 487 c1316;487 c1314 (Link to this contribution) I beg to move, That this House agrees with Lords amendment 49.
Ian Pearson | 487 c1306;487 c1304 (Link to this contribution) I certainly agree that speed is important, particularly when it is needed to exercise the special re...
Lord Redwood | 487 c1306;487 c1304 (Link to this contribution) I can see that these are important technical matters, and I would appreciate a reassurance on them f...
Ian Pearson | 487 c1299-300;487 c1297-8 (Link to this contribution) The amendments deal with some of the introductory clauses in the Bill on special resolution regime o...
Jim Cousins | 487 c1282;487 c1280 (Link to this contribution) May I follow that up? My hon. Friend has made it clear that the facility will be available only to U...
Lord Redwood | 487 c1284;487 c1282 (Link to this contribution) Does my hon. Friend share my reading of the amendments? Under Lords amendment 82, if the Treasury de...
Mark Hoban | 487 c1284-6;487 c1282-4 (Link to this contribution) My right hon. Friend makes an important point. My interpretation is that although at the time the Go...
Ian Pearson | 487 c1282-3;487 c1280-1 (Link to this contribution) We are trying, through the working capital scheme, to progress our discussions with UK banks about t...
Mark Hoban | 487 c1283-4;487 c1281-2 (Link to this contribution) I will deal with the amendments in a different order from the Minister and start off with Lords amen...
Colin Breed | 487 c1287;487 c1285 (Link to this contribution) That is absolutely right. It is a bit of a conundrum, and it will be difficult. I am assuming that i...
Lord Redwood | 487 c1287;487 c1285 (Link to this contribution) It is even more immediate than that. If material sums of capital or loan stock are injected into a b...
Colin Breed | 487 c1286-7;487 c1284-5 (Link to this contribution) I, too, am happy to support the amendments. The balance between transparency and accountability is v...
Peter Bone | 487 c1287;487 c1285 (Link to this contribution) The hon. Gentleman makes a good point. Is not one of the problems that if such leaking, which may be...
Colin Breed | 487 c1287;487 c1285 (Link to this contribution) When I mentioned the banks' audited accounts, it occurred to me that they might have to make a marke...
Lord Redwood | 487 c1287-90;487 c1285-8 (Link to this contribution) It is typical of the whole debate about banks that we are in this miasma of nonsense. I do not know ...
Stewart Hosie | 487 c1290-1;487 c1288-9 (Link to this contribution) I wish to speak mainly to Lords amendment 83 and the Government's alternative to it. I was struck b...
Michael Fallon | 487 c1291;487 c1289 (Link to this contribution) In the normal course of events, we would not see the Treasury balance sheet until the Treasury accou...
Lord Redwood | 487 c1291;487 c1289 (Link to this contribution) The hon. Gentleman is doing the Minister's job for us, by spelling out the almost £700 billion of co...
Stewart Hosie | 487 c1291;487 c1289 (Link to this contribution) That is absolutely right. I am sure that right hon. and hon. Members will know of other liabilities,...
Peter Bone | 487 c1291-2;487 c1289-90 (Link to this contribution) At the beginning of the debate the Minister seemed to say something about working capital that rathe...
Speaker | 487 c1292;487 c1290 (Link to this contribution) Order. I do hope that the hon. Gentleman will confine his remarks to the amendment that he said he w...
Peter Bone | 487 c1292;487 c1290 (Link to this contribution) Thank you, Madam Deputy Speaker. I am sorry if I strayed from new subsections (4), (5) and (6) to cl...
Speaker | 487 c1293;487 c1291 (Link to this contribution) Order. I think that the hon. Gentleman has already made that point.
Lord Redwood | 487 c1282;487 c1280 (Link to this contribution) Will the guarantee scheme apply only to British banks lending to British people and companies, or wi...
Ian Pearson | 487 c1282;487 c1280 (Link to this contribution) The working capital scheme that is being progressed at the moment relates only to UK banks. We are d...
Ian Pearson | 487 c1282;487 c1280 (Link to this contribution) No, the money resolution that we voted on earlier will not do what the hon. Gentleman suggests. Wher...
Lord Redwood | 487 c1262;487 c1260 (Link to this contribution) Is my hon. Friend of my view, which is that we might be talking about half a trillion—£500 billion—o...
Ian Pearson | 487 c1261;487 c1259 (Link to this contribution) I beg to move,"That, for the purposes of any Act resulting from the Banking Bill, it is expedient to...
Mark Hoban | 487 c1261-2;487 c1259-60 (Link to this contribution) The Minister introduced the money resolution as though it were merely a matter of course and somethi...
Peter Bone | 487 c1262;487 c1260 (Link to this contribution) I was rather surprised at how quickly the Minister sat down; he did not give us an opportunity to qu...
Mark Hoban | 487 c1262;487 c1260 (Link to this contribution) My hon. Friend, a fellow chartered accountant, asks one of the questions that need to be addressed. ...
John Bercow | 487 c1262;487 c1260 (Link to this contribution) As has been noted, the Minister was swift to resume his seat, whereas my hon. Friend, presumably in ...
Mark Hoban | 487 c1263-4;487 c1261-2 (Link to this contribution) My hon. Friend makes an important point about trying to quantify the extent of the liabilities that ...
Brooks Newmark | 487 c1264;487 c1262 (Link to this contribution) Building on the point that my hon. Friend the Member for Stone (Mr. Cash) was making—
Brooks Newmark | 487 c1264;487 c1262 (Link to this contribution) It was not a thesis, but it was a very good point about contingent liabilities. Equity accounting ru...
Mark Hoban | 487 c1263;487 c1261 (Link to this contribution) My hon. Friend tempts me, but we have accepted elements of the banking bail-out package. We feel tha...
Mark Hoban | 487 c1263;487 c1261 (Link to this contribution) I am conscious that other hon. Members wish to participate in the debate, but I shall give way to my...
William Cash | 487 c1263;487 c1261 (Link to this contribution) A subject that I have been pursuing since at least 7 October is what is a proper measure of the perc...
Mark Hoban | 487 c1264;487 c1262 (Link to this contribution) My hon. Friend, who has made a great study of the state of Government finances and their on and off-...
Mark Hoban | 487 c1264;487 c1262 (Link to this contribution) I do not wish to get in the way of the hon. Gentleman's making a substantive speech. It will be good...
William Cash | 487 c1271;487 c1269 (Link to this contribution) Will my hon. Friend take into account the fact that our presence here today to discuss the money res...
Brooks Newmark | 487 c1270;487 c1268 (Link to this contribution) Does my hon. Friend share my concern that the Economic Secretary is mute on the matter because he do...
Peter Bone | 487 c1270;487 c1268 (Link to this contribution) It is a great pleasure to follow my hon. Friend the Member for Aldridge-Brownhills (Mr. Shepherd), w...
Richard Shepherd | 487 c1270;487 c1268 (Link to this contribution) I want to see Parliament at the centre of what this country decides in relation to the Executive. Th...
William Cash | 487 c1270;487 c1268 (Link to this contribution) Does my hon. Friend accept that some of us would be very concerned if we did not put down a marker o...
Ian Pearson | 487 c1272;487 c1270 (Link to this contribution) If the hon. Gentleman will let me reply first, I will then give way. I am old-fashioned enough to b...
Peter Viggers | 487 c1271;487 c1269 (Link to this contribution) The proposal that the Government have put before us is profoundly worrying. It would allow an unlimi...
Ian Pearson | 487 c1272;487 c1270 (Link to this contribution) With the leave of the House, I would like to respond to some of the points that have been raised in ...
Peter Bone | 487 c1271;487 c1269 (Link to this contribution) My hon. Friend speaks with great clarity and is, of course, correct. Time and again, the Executive h...
Ian Pearson | 487 c1272;487 c1270 (Link to this contribution) Let me make just a little more progress and answer some of the substantive points that have been mad...
Ian Pearson | 487 c1272;487 c1270 (Link to this contribution) I hear what my hon. Friend says. We all share the public outrage about bonuses that are rewards for ...
Andrew Mackinlay | 487 c1272;487 c1270 (Link to this contribution) Does the Minister not understand his and my constituents' bewilderment that we should be giving the ...
Lord Redwood | 487 c1265;487 c1263 (Link to this contribution) Does the hon. Gentleman agree with me that the consequence of this money resolution is that the Hous...
Andrew Mackinlay | 487 c1265;487 c1263 (Link to this contribution) I fully accept what you say, Mr. Speaker.
Speaker | 487 c1265;487 c1263 (Link to this contribution) The money resolution does not involve a debate about bonuses. Perhaps the hon. Gentleman can raise t...
Andrew Mackinlay | 487 c1264-5;487 c1262-3 (Link to this contribution) I am pleased to have caught your eye, Mr. Speaker. I am a bit bewildered and concerned that countles...
Colin Breed | 487 c1266;487 c1264 (Link to this contribution) It could well be bonuses. Some of it will be in actual cash, by way of loans; some of it will be by ...
Colin Breed | 487 c1265;487 c1263 (Link to this contribution) This morning, the Treasury Committee spent about three hours interviewing bank executives. Part of t...
Andrew Mackinlay | 487 c1265;487 c1263 (Link to this contribution) Maybe. We are being asked to authorise this expenditure by Parliament; it is Parliament's historic r...
Colin Breed | 487 c1266;487 c1264 (Link to this contribution) I thank the hon. Gentleman for that. He is exactly right: it is worse than I was thinking. If we dis...
Lord Brady of Altrincham | 487 c1266;487 c1264 (Link to this contribution) I am following the hon. Gentleman's remarks with care. Does he agree that there is a marked contrast...
Stewart Hosie | 487 c1266;487 c1264 (Link to this contribution) I am almost tempted to suggest that it is worse than that. One of the component parts of this money ...
William Cash | 487 c1267;487 c1265 (Link to this contribution) Is the hon. Gentleman aware that the Japanese bankers went on their knees to apologise for the mess ...
Colin Breed | 487 c1267;487 c1265 (Link to this contribution) There is a certain similarity, of course. Althouh I do not want the Minister here, or anybody else n...
Lord Redwood | 487 c1267;487 c1265 (Link to this contribution) This is the biggest, most important and most dramatic money resolution I have ever seen in the House...
Colin Breed | 487 c1267;487 c1265 (Link to this contribution) They may have chopped their heads off as well—I do not know. Perhaps the Minister will be able to e...
Brooks Newmark | 487 c1268;487 c1266 (Link to this contribution) Does my right hon. Friend share my concern that the Government do not know the answer because they h...
Peter Viggers | 487 c1268;487 c1266 (Link to this contribution) To give a sense of perspective about the size of the amounts involved and the speed with which figur...
Lord Redwood | 487 c1268-9;487 c1266-7 (Link to this contribution) That is right, and some of us have urged the Government in the past to show a little more concern fo...
Richard Shepherd | 487 c1269;487 c1267 (Link to this contribution) My right hon. Friend the Member for Wokingham (Mr. Redwood) said, ““Call me old-fashioned””. I am ol...
Robert Smith | 487 c1269;487 c1267 (Link to this contribution) One problem is that due diligence did not happen in the commercial world when it came to our banks. ...
Richard Shepherd | 487 c1269;487 c1267 (Link to this contribution) That is a very fair correction. Of course we all accept the need for due diligence from those who se...
Speaker | 487 c1334;487 c1332 (Link to this contribution) With this it will be convenient to discuss Lords amendments 85 to 88.
Ian Pearson | 487 c1334-6;487 c1332-4 (Link to this contribution) Lords amendments 84 to 88 provide the Treasury with powers to make regulations with regard to invest...
Ian Pearson | 487 c1333;487 c1331 (Link to this contribution) I welcome the hon. Gentleman's support for the amendments, which were agreed in the other place. He ...
Ian Pearson | 487 c1334;487 c1332 (Link to this contribution) I beg to move, That this House agrees with Lords amendment 84.
Ian Pearson | 487 c1331-2;487 c1329-30 (Link to this contribution) As Members will know, the Government have amended two elements of parts 5 and 6 of the Bill in respo...
David Gauke | 487 c1332-3;487 c1330-1 (Link to this contribution) I have a few questions to ask the Minister on this group of Lords amendments. As he has said, Lords ...
Ian Pearson | 487 c1331;487 c1329 (Link to this contribution) I beg to move, That this House agrees with Lords amendment 72.
Speaker | 487 c1331;487 c1329 (Link to this contribution) With this it will be convenient to take Lords amendments 73, 74 and 96.
Speaker | 487 c1330;487 c1328 (Link to this contribution) With this it will be convenient to take Lords amendments 62 to 69.
Ian Pearson | 487 c1330;487 c1328 (Link to this contribution) The amendments introduce minor and technical modifications to the bank insolvency and bank administr...
Ian Pearson | 487 c1340;487 c1338 (Link to this contribution) Different organisations, including the one to which the hon. Gentleman refers, have made a number of...
Ian Pearson | 487 c1340;487 c1338 (Link to this contribution) I beg to move, That this House agrees with Lords amendment 89.
Speaker | 487 c1341;487 c1339 (Link to this contribution) With this it will be convenient to consider Lords amendments 90 to 93.
Ian Pearson | 487 c1341-2;487 c1339-40 (Link to this contribution) We now move to the final group of amendments. Amendment 89 would amend the Banking (Special Provisio...
Ian Pearson | 487 c1339-40;487 c1337-8 (Link to this contribution) The hon. Gentleman made some typically reasonable points and managed in the end to argue in favour o...
Ian Pearson | 487 c1340;487 c1338 (Link to this contribution) I think that the hon. Gentleman understands that.
Mark Hoban | 487 c1340;487 c1338 (Link to this contribution) I am grateful to the Minister for those remarks. It is important to get the issue right and for ther...
Mark Hoban | 487 c1336-9;487 c1334-7 (Link to this contribution) I am grateful to the Minister for the time that he has taken to set out the amendments in this group...
Mark Hoban | 487 c1342;487 c1340 (Link to this contribution) I think that my hon. Friends would be reluctant for me to do that, since I could speak for another 3...
Ian Pearson | 487 c1342-3;487 c1340-1 (Link to this contribution) I am glad that the hon. Gentleman gives such a warm welcome to the amendments. He asked whether it i...
Ian Pearson | 487 c1322;487 c1320 (Link to this contribution) I shall respond directly to the hon. Gentleman's points. First, on clause 20, the situation in relat...
Mark Hoban | 487 c1320-1;487 c1318-9 (Link to this contribution) I am grateful for the time that the Economic Secretary spent discussing the matter because it is imp...
Ian Pearson | 487 c1323;487 c1321 (Link to this contribution) I understand the hon. Gentleman's point, but the proposals in the amendments strike the right balanc...
Mark Hoban | 487 c1322;487 c1320 (Link to this contribution) I am grateful to the Minister for his comments, but we discussed the power to make the onward transf...
Ian Pearson | 487 c1322;487 c1320 (Link to this contribution) I have been trying to stress that we are putting in place a series of tests and restrictions. We mus...
Peter Bone | 487 c1322;487 c1320 (Link to this contribution) To use the example of Tesco again, I believe that the Minister is saying that if the holding company...
Speaker | 487 c1323;487 c1321 (Link to this contribution) With this it will be convenient to consider Lords amendments 55 to 57, 94 and 97.
Ian Pearson | 487 c1323;487 c1321 (Link to this contribution) I beg to move, That this House agrees with Lords amendment 54.
Ian Pearson | 487 c1323;487 c1321 (Link to this contribution) I appreciate the hon. Gentleman's concerns, of which we have been aware. In our consultations about ...
Colin Breed | 487 c1323;487 c1321 (Link to this contribution) This is a complicated matter, and it seems to me that one advantage of having a financial services o...
Ian Pearson | 487 c1323-5;487 c1321-3 (Link to this contribution) Clause 75 has been the subject of much debate in both Houses. Indeed, it is fair to say that the pro...
Peter Bone | 487 c1327;487 c1325 (Link to this contribution) There has to be some material difference between repeat orders, so can my hon. Friend clarify who de...
Colin Breed | 487 c1328;487 c1326 (Link to this contribution) The Minister is right to say that this matter has had a great deal of debate and scrutiny. However, ...
David Gauke | 487 c1327-8;487 c1325-6 (Link to this contribution) I am grateful to my hon. Friend for raising that useful point. I will not attempt to clarify it, but...
Ian Pearson | 487 c1329;487 c1327 (Link to this contribution) Any parliamentarian worth his salt will immediately be concerned about the potential for Henry VIII ...
Peter Bone | 487 c1328-9;487 c1326-7 (Link to this contribution) I understand the Government's problem. Throughout the passage of the Bill, we have been discussing e...
Ian Pearson | 487 c1329-30;487 c1327-8 (Link to this contribution) It is always a matter for the Chair to rule what is and what is not in order. Certainly in the first...
Peter Bone | 487 c1329;487 c1327 (Link to this contribution) The point I wanted to raise was whether the Government would decide whether it was materially differ...
Ian Pearson | 487 c1330;487 c1328 (Link to this contribution) I beg to move, That this House agrees with Lords amendment 61.
Speaker | 487 c1277;487 c1275 (Link to this contribution) I must draw the House’s attention to the fact that privilege is involved in Lords amendments 20, 51 ...
David Gauke | 487 c1325-7;487 c1323-5 (Link to this contribution) As the Economic Secretary said, the provision has received a great deal of scrutiny. Clause 75 is es...
Peter Bone | 487 c1270-1;487 c1268-9 (Link to this contribution) I am grateful for the intervention because I intend to be brief to allow the Economic Secretary time...
Lord Redwood | 487 c1268;487 c1266 (Link to this contribution) I quite agree. I do not know whether the figure of £37 billion is retrospective, or whether the Econ...
Mark Hoban | 487 c1318-9;487 c1316-7 (Link to this contribution) I am grateful for the Minister's comments, which clarify the Tesco point raised by my hon. Friend th...
Ian Pearson | 487 c1319;487 c1317 (Link to this contribution) My understanding of the situation is that that is correct. Let me explain in a bit more detail. As ...
Peter Bone | 487 c1318;487 c1316 (Link to this contribution) I am trying to follow carefully what the Minister is saying. In circumstances where a large group, s...
Mark Hoban | 487 c1319;487 c1317 (Link to this contribution) Going back to the use of onward transfer powers for the holding company and the licensed deposit tak...
Ian Pearson | 487 c1319-20;487 c1317-8 (Link to this contribution) I explained that ““necessary”” is a high test. The second point to make is that the Treasury will al...
Ian Pearson | 487 c1316;487 c1314 (Link to this contribution) I welcome the hon. Gentleman's support for the amendments, particularly in respect of the decision t...
Ian Pearson | 487 c1316-8;487 c1314-6 (Link to this contribution) The amendments provide for the extension of the provisions on temporary public ownership to bank hol...
Speaker | 487 c1316;487 c1314 (Link to this contribution) With this it will be convenient to consider Lords amendments 50, 59, 60, 70 and 71.
Ian Pearson | 487 c1314-5;487 c1312-3 (Link to this contribution) It is a hiatus valde defiendus in the learning of the hon. Member for Fareham (Mr. Hoban) that he is...
Mark Hoban | 487 c1315;487 c1313 (Link to this contribution) I am grateful to the Minister for his comment about the publication of the Bradford & Bingley busine...
Ian Pearson | 487 c1315;487 c1313 (Link to this contribution) I do not have that information to hand. I expect that Bradford & Bingley will publish a version of i...
Ian Pearson | 487 c1315;487 c1313 (Link to this contribution) I beg to move, That this House agrees with Lords amendment 20.
Speaker | 487 c1315;487 c1313 (Link to this contribution) With this it will be convenient to deal with Lords amendments 51 to 53 and 95.
Ian Pearson | 487 c1315-6;487 c1313-4 (Link to this contribution) Lords amendment 20 removed from clause 36 a subsection that made provision for tax. The clause deals...
Mark Hoban | 487 c1316;487 c1314 (Link to this contribution) We welcome the fact that amendment 20 was accepted in the House of Lords and we are happy that it fo...
David Leslie Taylor | 487 c1312-3;487 c1310-1 (Link to this contribution) The hon. Gentleman is making the perfectly fair point that the content of the report ought to be spe...
Mark Hoban | 487 c1313-4;487 c1311-2 (Link to this contribution) The hon. Gentleman raises an interesting point. He is an ardent advocate of the remutualisation of t...
Mark Hoban | 487 c1311-2;487 c1309-10 (Link to this contribution) I shall deal first with Lords amendment 58, which requires the Treasury to publish annually a report...
Ian Pearson | 487 c1310-1;487 c1308-9 (Link to this contribution) The Government brought forward Lords amendments 17 and 31 in direct response to amendments proposed ...
Speaker | 487 c1310;487 c1308 (Link to this contribution) With this it will be convenient to discuss Lords amendments 31, 46 to 48 and 58.
Ian Pearson | 487 c1310;487 c1308 (Link to this contribution) I beg to move, That this House agrees with Lords amendment 17.
Ian Pearson | 487 c1309-10;487 c1307-8 (Link to this contribution) As the hon. Member for South-West Hertfordshire (Mr. Gauke) rightly notes, these are technical issue...
David Gauke | 487 c1307-8;487 c1305-6 (Link to this contribution) First, may I express my agreement with the Minister about the importance and sensitivity of this sub...
Ian Pearson | 487 c1305-6;487 c1303-4 (Link to this contribution) This group of amendments covers two broad but interrelated issues: default events and partial transf...
Ian Pearson | 487 c1305;487 c1303 (Link to this contribution) I beg to move, That this House agrees with Lords amendment 7.
Speaker | 487 c1305;487 c1303 (Link to this contribution) With this it will be convenient to discuss the following: Lords amendments 8 to 16. Lords amendment...
Ian Pearson | 487 c1305;487 c1303 (Link to this contribution) I welcome the comments from the hon. Gentleman, who supported the amendments. The right hon. Gentlem...
Lord Redwood | 487 c1303-4;487 c1301-2 (Link to this contribution) Lords amendment 1 invites us to modify special resolution objective 1, as set out in clause 4. The B...
Mark Hoban | 487 c1303;487 c1301 (Link to this contribution) I am grateful to the Minister for that response. It shows a degree of openness, and that is importan...
Lord Redwood | 487 c1304-5;487 c1302 (Link to this contribution) That is a helpful intervention and I am reassured a great deal by it. The model of the intelligent c...
Ian Pearson | 487 c1304;487 c1302 (Link to this contribution) The special resolution regime will apply when a bank is clearly failing. The right hon. Gentleman sh...
Speaker | 487 c1299;487 c1297 (Link to this contribution) With this it will be convenient to take Lords amendments 2 to 6.
Ian Pearson | 487 c1303;487 c1301 (Link to this contribution) My view is that this is a matter for the banking liaison panel—if it wants to publish its minutes in...
Mark Hoban | 487 c1300-2;487 c1298-1300 (Link to this contribution) The Minister said in his concluding remarks on the previous group of amendments that the Government ...
Ian Pearson | 487 c1298;487 c1296 (Link to this contribution) I beg to move, That this House agrees with Lords amendment 1.
Ian Pearson | 487 c1298;487 c1296 (Link to this contribution) I was about to respond to the hon. Gentleman's question, before making a couple of further comments ...
Stewart Hosie | 487 c1298;487 c1296 (Link to this contribution) The hon. Member for Dundee, East is going to repeat the question that he has already asked. The Mini...
Ian Pearson | 487 c1296-7;487 c1294-5 (Link to this contribution) As I have indicated, there has to be connection with banks or financial institutions, so whether a s...
Mark Hoban | 487 c1296;487 c1294 (Link to this contribution) On that point, I specifically referred to the scrappage allowance that was floated by Lord Mandelson...
Ian Pearson | 487 c1295-6;487 c1293-4 (Link to this contribution) That was not the point I was making at all. I was responding to comments from right hon. and hon. Me...
Peter Bone | 487 c1295;487 c1293 (Link to this contribution) The Minister is being his usual generous self in giving way. The point he seems to be making is that...
Ian Pearson | 487 c1298;487 c1296 (Link to this contribution) —which I am sure the hon. Member for Dundee, East is not intending to rail against.
Ian Pearson | 487 c1297-8;487 c1295-6 (Link to this contribution) I think the hon. Gentleman was in the Chamber to hear my opening remarks, when I outlined the Govern...
Lord Redwood | 487 c1295;487 c1293 (Link to this contribution) Does the Minister accept that many big mergers and fundings in the private sector, which involve lar...
Ian Pearson | 487 c1295;487 c1293 (Link to this contribution) I shall focus on three main areas in response to hon. Members' comments on the Lords amendments. The...
Ian Pearson | 487 c1295;487 c1293 (Link to this contribution) I agree with the right hon. Gentleman's point. I would like to see those proprieties respected much ...
Peter Bone | 487 c1293;487 c1291 (Link to this contribution) Thank you, Madam Deputy Speaker. In conclusion, then, I would say that we are in a difficult positi...
Speaker | 487 c1293;487 c1291 (Link to this contribution) Order. The hon. Gentleman has had a degree of latitude, but he is now going wide of the amendments u...
Brooks Newmark | 487 c1293;487 c1291 (Link to this contribution) I am surprised that the Government are opposing the Lords amendment that would require a quarterly r...
Jim Cousins | 487 c1293-4;487 c1291-2 (Link to this contribution) I had not intended to speak in this debate, but the correct description by the right hon. Member for...
Brooks Newmark | 487 c1293;487 c1291 (Link to this contribution) I appreciate your guidance, Madam Deputy Speaker. I was trying to point out the importance of the ne...
Jim Cousins | 487 c1294-5;487 c1292-3 (Link to this contribution) I did have some idea about that, but I am grateful to the right hon. Gentleman for pointing it out, ...
Lord Redwood | 487 c1294;487 c1292 (Link to this contribution) The hon. Gentleman is making a powerful point about the need for transparency. Is he aware that only...
Peter Bone | 487 c1281-2;487 c1279-80 (Link to this contribution) Does that not undo what the Minister said earlier in the debate? He said that there would always be ...
Brooks Newmark | 487 c1297;487 c1295 (Link to this contribution) I acknowledge the sensitivity with which the Minister is trying to approach the issue, and I agree t...
Ian Pearson | 487 c1273;487 c1271 (Link to this contribution) In a moment. I just want to address the point about contingent liabilities. As hon. Members will be...
William Cash | 487 c1279;487 c1277 (Link to this contribution) Does the Minister accept that normally the money resolution authorises, in general terms, the expend...
Ian Pearson | 487 c1318;487 c1316 (Link to this contribution) No. I shall go on to explain that in more detail. A group may contain entities that are not directl...
Subjects
Disclosure of information Compensation Codes of practice Accountability Directors Administration Assets Bank services Banks Delegated legislation Bank of England Investment Financial institutions Insolvency Government assistance Financial Services Authority Holding companies Foreign companies Pay Pensions Payments Property transfer Public sector Parliamentary scrutiny Loans Nationalisation Treasury Valuation Northern Rock National Loans Fund Henry VIII clauses Retrospective legislation
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Parliamentary proceeding on www.publications.parliament.uk