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Debate on Tuesday, 1 December 2009, in the House of Commons, led by Sarah McCarthy-Fry. The answering member was Mark Hoban.

European Financial Services Proposals

Debate on a motion to take note of European Union documents concerning the European banking system and setting up a new financial supervisory structure in the EU. (Inc ref to the European Scrutiny Committee thirty-second report of session 2008-09, HC 19-xxx, the Committee's first report of session 2009-10 HC 5-i and the Treasury Select Committee's sixteenth report of session 2008-09 HC 1088 and the Committee's first report of session 2009-10, HC 37).

Secondary information

Type
Parliamentary proceeding
Reference
501 c989-1030 
Session
2009-10
Department
Treasury
Chamber / Committee
House of Commons chamber
Related items
Proceeding contributions
William Cash | 501 c997 (Link to this contribution) Does the Minister note that one of the questions that we put was whether, in the context of the arch...
Mark Hoban | 501 c999 (Link to this contribution) My experience in this role over the past four years is that there is a wide divergence of views in t...
Show all contributions (98)
William Cash | 501 c999 (Link to this contribution) My hon. Friend knows that I have the gravest concerns about all this. Does he appreciate that althou...
Mark Hoban | 501 c998-9 (Link to this contribution) That is certainly a factor, and as the directive has proceeded through the European Parliament more ...
Mark Field | 501 c998 (Link to this contribution) I entirely agree with my hon. Friend on the alternative investment directive. Is not the bigger crit...
Jeremy Browne | 501 c1001 (Link to this contribution) I understand and agree with the hon. Gentleman's point that it is better to get the right solution a...
Mark Hoban | 501 c999-1000 (Link to this contribution) That reflects the argument that I was making. People support these moves in the abstract, but when i...
Mark Field | 501 c999 (Link to this contribution) I entirely accept what my hon. Friend says, but does he not agree with the thrust of the point made ...
Sarah McCarthy-Fry | 501 c995 (Link to this contribution) I think that the hon. Gentleman probably knows the answer. I have not had discussions with legal pra...
Mark Field | 501 c995 (Link to this contribution) The Minister has referred to the legal and practical difficulties, but can she tell us how much expe...
Sarah McCarthy-Fry | 501 c995-6 (Link to this contribution) For us, the red line applies to the fact that none of those authorities should have the power to mak...
Michael Fallon | 501 c995 (Link to this contribution) Again, I want to be clear that that is a red line for the United Kingdom, and that the fiscal safegu...
Sarah McCarthy-Fry | 501 c996 (Link to this contribution) I would suggest that emergency circumstances were the sort of situation that we faced last year, wit...
Christopher Fraser | 501 c996 (Link to this contribution) Will the Minister draw to the attention of the House precisely what is meant by emergency circumstan...
Sarah McCarthy-Fry | 501 c997 (Link to this contribution) The aim would be for that to be in the legislation, but it will form part of the negotiations. The i...
Mark Hoban | 501 c996 (Link to this contribution) Will the Minister make it clear that balanced representation will be in the legislation, rather than...
Sarah McCarthy-Fry | 501 c997 (Link to this contribution) I cannot answer that question. I do not want to mislead the hon. Gentleman. It is my understanding t...
Mark Hoban | 501 c997 (Link to this contribution) But is a decision in Council, but not on the face of the legislative proposal, binding?
William Cash | 501 c1004 (Link to this contribution) I agree with my hon. Friend's analysis, but the danger is that, because of mission creep, there will...
Mark Hoban | 501 c1003-4 (Link to this contribution) Indeed, and that is the point that I was trying to make about the legal basis for the powers that wi...
Mark Field | 501 c1005 (Link to this contribution) I agree entirely with the last passage of my hon. Friend's speech. I also agree, with foreboding, th...
Mark Hoban | 501 c1004-5 (Link to this contribution) My hon. Friend makes an important point about mission creep when it comes to these authorities, and ...
William Cash | 501 c1001-2 (Link to this contribution) My hon. Friend raises an extremely important point relating to competing sovereignties. The European...
Mark Hoban | 501 c1001 (Link to this contribution) The hon. Gentleman is being a little hasty in reaching any conclusions about a discrepancy in views ...
David Heathcoat-Amory | 501 c1003 (Link to this contribution) My hon. Friend is quite right that we must guard our fiscal sovereignty, but is he not underestimati...
Stewart Hosie | 501 c1006 (Link to this contribution) The hon. Gentleman said earlier that it is necessary to move quickly during a crisis, and that is ab...
Mark Hoban | 501 c1005-6 (Link to this contribution) My hon. Friend makes an interesting point. If regulation is dealt with at a European level, there is...
Sarah McCarthy-Fry | 501 c991 (Link to this contribution) The hon. Gentleman is right to say that we do not have all the other directives in today. Today, we ...
Sarah McCarthy-Fry | 501 c991 (Link to this contribution) Thank you, Mr. Speaker. I was talking about the first part of this package of proposals, which is th...
Stewart Hosie | 501 c991 (Link to this contribution) I am happy with the idea of a new architecture and a global system, and I am happy with the ESRB and...
Sarah McCarthy-Fry | 501 c991 (Link to this contribution) I will come to that later in my speech, but just to satisfy the hon. Gentleman I should say that we ...
Sarah McCarthy-Fry | 501 c991 (Link to this contribution) I am sorry to say that at this stage I cannot. This is still a matter for negotiation among the othe...
Michael Fallon | 501 c991 (Link to this contribution) I am sorry to interrupt the Minister, as she is clearly getting into her stride. Before she leaves t...
Sarah McCarthy-Fry | 501 c990 (Link to this contribution) Certainly the original proposals came from Jacques de Larosière in order to replace the Lamfalussy l...
Speaker | 501 c990 (Link to this contribution) Order. The hon. Member for Stone (Mr. Cash) does not have to make sedentary references to the number...
Mark Todd | 501 c990 (Link to this contribution) Am I right in thinking that the author of the origins of these proposals is Monsieur de Larosière, w...
Sarah McCarthy-Fry | 501 c989-90 (Link to this contribution) I beg to move,"That this House takes note of the following European Union Documents—""(a) 3645/09, P...
Sarah McCarthy-Fry | 501 c990 (Link to this contribution) The hon. Gentleman will not be surprised to learn that I disagree with him on this and that I think ...
Sarah McCarthy-Fry | 501 c990 (Link to this contribution) I shall finish answering the original intervention before I give way to my hon. Friend. We still nee...
Sarah McCarthy-Fry | 501 c994-5 (Link to this contribution) I will have to get back to the right hon. Gentleman about appointments. I imagine that that would be...
Sarah McCarthy-Fry | 501 c994 (Link to this contribution) The ESAs will be accountable to national Governments through the European Council. It is likely that...
Sarah McCarthy-Fry | 501 c993-4 (Link to this contribution) I am sure that the hon. Gentleman would not expect me to answer that question on the Floor of the Ho...
David Heathcoat-Amory | 501 c994 (Link to this contribution) I asked the hon. Lady last month who would appoint the members of these supervisory authorities and ...
Sarah McCarthy-Fry | 501 c993 (Link to this contribution) This is a package of five legislative proposals. The hon. Gentleman is quite right that four of them...
Jeremy Browne | 501 c993 (Link to this contribution) Against which countries does the Minister expect that Britain will have to defend its red lines? I a...
Sarah McCarthy-Fry | 501 c993 (Link to this contribution) The red line for the British Government is that these authorities should not have direct powers over...
Michael Fallon | 501 c993 (Link to this contribution) I am most grateful to the Minister. She is handling a range of questions, but what is her red line i...
Sarah McCarthy-Fry | 501 c992-3 (Link to this contribution) May I get a little further with my speech? I shall give way to the hon. Gentleman then. We think it...
Mark Hoban | 501 c992 (Link to this contribution) But, as I understand it, the European securities market authority will have jurisdiction over cleari...
Sarah McCarthy-Fry | 501 c992 (Link to this contribution) I do not want to pre-empt or second-guess the ECOFIN negotiations that begin tomorrow. Our line is t...
Stewart Hosie | 501 c992 (Link to this contribution) The European Scrutiny Committee report says on page 34 that the purpose of establishing a system of ...
Sarah McCarthy-Fry | 501 c992 (Link to this contribution) The binding mediation will apply to national supervisors in cross-border disputes, not to individual...
David Heathcoat-Amory | 501 c992 (Link to this contribution) Will the Minister confirm that these micro regulatory authorities will not have supervisory powers o...
Sarah McCarthy-Fry | 501 c992 (Link to this contribution) Our negotiating position is that the supervisory authorities will have absolutely no authority over ...
Sarah McCarthy-Fry | 501 c992 (Link to this contribution) We are clear that none of the bodies being set up under this legislation should be able to impact on...
Speaker | 501 c1026 (Link to this contribution) I ask the Serjeant at Arms to investigate the delay in the Aye Lobby.
Sarah McCarthy-Fry | 501 c1025-6 (Link to this contribution) That is the same question that we have heard all evening. We are going into the negotiations tomorro...
Mark Todd | 501 c1025 (Link to this contribution) My hon. Friend carefully used the same word as Lord Myners in saying she "expects" that to be the ca...
Mark Hoban | 501 c1024 (Link to this contribution) If tomorrow's ECOFIN does not reach an agreement that provides that legal clarity, is the Chancellor...
Sarah McCarthy-Fry | 501 c1024-5 (Link to this contribution) As I said, we are hoping to agree a general approach at ECOFIN. The process is ongoing, according to...
Michael Fallon | 501 c1019-20 (Link to this contribution) My hon. Friend makes his point, again, extremely powerfully. I still think that the Commission is t...
Sarah McCarthy-Fry | 501 c1022-4 (Link to this contribution) I thank all hon. Members for their participation in this debate. There has been a theme, in that the...
Christopher Fraser | 501 c1020-2 (Link to this contribution) It gives me great pleasure to speak after my hon. Friend the Member for Sevenoaks (Mr. Fallon), a pe...
Sarah McCarthy-Fry | 501 c1024 (Link to this contribution) I thought that that was what I was doing in quoting Monsieur Barnier when he said that he sees the i...
Christopher Fraser | 501 c1024 (Link to this contribution) Will the Minister please answer my question about what assessment she has made of the implications o...
Sarah McCarthy-Fry | 501 c1024 (Link to this contribution) The Government have a very clear red line in this area. Is the hon. Gentleman saying that the clause...
Mark Hoban | 501 c1024 (Link to this contribution) The Minister makes that assertion, but it is possible for the ESAs to override national supervisors ...
Michael Fallon | 501 c1017-8 (Link to this contribution) I remind the House of my interests recorded in the register. It is not at all clear after 21 minute...
William Cash | 501 c1016 (Link to this contribution) The hon. Gentleman betrays a remarkable lack of knowledge about the extent to which the French in pa...
Jeremy Browne | 501 c1016-7 (Link to this contribution) I do not know if I am grateful for that intervention. When I spoke about paranoia about the European...
Jeremy Browne | 501 c1013 (Link to this contribution) I am not aware that anyone in this debate has proposed that course of action—
William Cash | 501 c1013 (Link to this contribution) Does the hon. Gentleman agree that it is totally crass for the Government to hand over the running o...
Jeremy Browne | 501 c1012-3 (Link to this contribution) I begin by congratulating the hon. Member for South Derbyshire (Mr. Todd) on his speech, in which he...
Jeremy Browne | 501 c1015-6 (Link to this contribution) The hon. Gentleman says that we will, but I want to safeguard against that. I do not wish to have a ...
Jeremy Browne | 501 c1013-5 (Link to this contribution) The hon. Gentleman says, from a sedentary position, that that is what this motion is all about, but ...
Mark Todd | 501 c1011 (Link to this contribution) That is a slightly slippery response, because that is not the point I was making. I agree that the p...
Mark Todd | 501 c1012 (Link to this contribution) Probably, but I might be even more absolutist, in that I cannot conceive of an "emergency" in which ...
Christopher Fraser | 501 c1011 (Link to this contribution) The hon. Gentleman therefore surely agrees with me that the word "emergency" is so ambiguous that th...
Mark Lazarowicz | 501 c1008 (Link to this contribution) I am grateful to my hon. Friend for giving way before he proceeds to the main points in his speech. ...
Mark Todd | 501 c1008-9 (Link to this contribution) Let us leave it for the electorate to decide what they make of Conservative policy, its origins and ...
Stewart Hosie | 501 c1009 (Link to this contribution) Is it not the case that we will probably end up seeing the European regulatory framework body negoti...
Mark Todd | 501 c1009-10 (Link to this contribution) That is the model for trade negotiations now, and it would certainly be a possible logical outcome o...
Mark Hoban | 501 c1006-8 (Link to this contribution) Actually, my point goes back to the exchange between me and some of my hon. Friends about the legal ...
Mark Todd | 501 c1008 (Link to this contribution) I burdened the House with quite a lengthy speech yesterday and I hope not to detain it quite so long...
Mark Hoban | 501 c997-8 (Link to this contribution) We welcome the chance to debate these important proposals. They will have a significant impact on th...
Stewart Hosie | 501 c991 (Link to this contribution) I appreciate what the Minister is saying and that ECOFIN will meet tomorrow, but it is difficult to ...
William Cash | 501 c993 (Link to this contribution) The Minister speaks about red lines. Will she exercise a veto when the whole matter is going to be d...
William Cash | 501 c1018-9 (Link to this contribution) Does my hon. Friend agree that the European Commission, being the ultimate bureaucratic executive an...
Sarah McCarthy-Fry | 501 c997 (Link to this contribution) I can only refer the hon. Gentleman back to my previous answer, which was that we have concerns abou...
Mark Hoban | 501 c1002 (Link to this contribution) I suspect that my hon. Friend is pushing me to go further than I am inclined to go at this point, bu...
William Cash | 501 c990 (Link to this contribution) As I am a member of the ESC, I am sure the Minister will understand my wishing to draw attention to ...
Mark Hoban | 501 c1010-1 (Link to this contribution) This is exactly why we have said in our paper on financial regulation that we want to have more enga...
Mark Hoban | 501 c992 (Link to this contribution) As I understand it, a representative of one of the supervisory authorities can sit on the college of...
EC documents
3645/09;13648/09; 13652/09; 13653/09; 13656/09; 13652/09; 13653/09; 13654/09; 13657/09; 13657/09
Subjects
Banks European Union Financial institutions European Parliament Financial markets EU action EU economic policy Regulation European Central Bank European Systemic Risk Board European Securities and Markets Authority European Banking Authority
Link
View this Parliamentary proceeding on www.publications.parliament.uk