Yesterday, of course, we discussed the massive bail-out needed to deal with the near-collapse of the banking system. Today, we will debate how to prevent such a near-collapse from happening again, and how to make sure that such a bail-out is never again required. Let us be clear: when a...

Yesterday, of course, we discussed the massive bail-out needed to deal with the near-collapse of the banking system. Today, we will debate how to prevent such a near-collapse from happening again, and how to make sure that such a bail-out is never again required. Let us be clear: when a...

The hon. Gentleman said the statement was not needed and there was not panic, but people were moving money all over the place. They were putting money into Irish banks after the Irish gave a whole deposit guarantee. I cannot believe he is suggesting that it was not necessary. My...

The hon. Gentleman said the statement was not needed and there was not panic, but people were moving money all over the place. They were putting money into Irish banks after the Irish gave a whole deposit guarantee. I cannot believe he is suggesting that it was not necessary. My...

My hon. Friend will recall that the decision to merge was taken by the boards of HBOS and Lloyds TSB; it was their commercial judgment that was important. It was the judgment of ourselves, the Financial Services Authority and the Bank of England that it was also in the interests...

My hon. Friend will recall that the decision to merge was taken by the boards of HBOS and Lloyds TSB; it was their commercial judgment that was important. It was the judgment of ourselves, the Financial Services Authority and the Bank of England that it was also in the interests...

The point that I made was that it would have been good to have the present Bill a bit earlier, so that we would not have needed those emergency powers. However, that was my Second Reading speech on the previous Bill, so we will wait for today's speech. On the...

The point that I made was that it would have been good to have the present Bill a bit earlier, so that we would not have needed those emergency powers. However, that was my Second Reading speech on the previous Bill, so we will wait for today's speech. On the...

Thank you for calling me, Mr. Deputy Speaker, as I have had the slow torture of being the last Back-Bench Member to speak in the debate. May I say how pleased I am to see my hon. Friend the Member for Henley (John Howell) making such an impression after spending...

Thank you for calling me, Mr. Deputy Speaker, as I have had the slow torture of being the last Back-Bench Member to speak in the debate. May I say how pleased I am to see my hon. Friend the Member for Henley (John Howell) making such an impression after spending...

When we nationalised Northern Rock, there was some debate about whether that extended to Granite, the arm of Northern Rock that was based in Jersey. Does the Bill address the problem of offshore centres? If it does, what are we doing about it?

When we nationalised Northern Rock, there was some debate about whether that extended to Granite, the arm of Northern Rock that was based in Jersey. Does the Bill address the problem of offshore centres? If it does, what are we doing about it?

I beg to move, That the Bill be now read a Second time. Yesterday I set out the Government's proposals to restore confidence and stability in the banking system now, and I am pleased to report that during the course of yesterday other countries in Europe, and today the United...

I beg to move, That the Bill be now read a Second time. Yesterday I set out the Government's proposals to restore confidence and stability in the banking system now, and I am pleased to report that during the course of yesterday other countries in Europe, and today the United...

As the Chancellor knows, I am a strong supporter of bank recapitalisation and of his statement yesterday. In that statement, he said the"““shareholdings will be managed on a fully commercial basis by an arm's length body””." Can he say a little more about what that arm's length body will be,...

As the Chancellor knows, I am a strong supporter of bank recapitalisation and of his statement yesterday. In that statement, he said the"““shareholdings will be managed on a fully commercial basis by an arm's length body””." Can he say a little more about what that arm's length body will be,...

No, the Bill does not address the question of offshore centres directly. As I shall describe, it provides wide-ranging powers to allow us to deal with a financial institution that gets into trouble. I do not want to go over the ground of Granite again, as it was debated extensively...

No, the Bill does not address the question of offshore centres directly. As I shall describe, it provides wide-ranging powers to allow us to deal with a financial institution that gets into trouble. I do not want to go over the ground of Granite again, as it was debated extensively...

I shall certainly answer the hon. Gentleman's question, but as I have not yet even got on to clause 1, I think I had better take the hint that Madam Deputy Speaker has dropped to us. The hon. Gentleman asked a perfectly pertinent question, and I will shortly be setting...

I shall certainly answer the hon. Gentleman's question, but as I have not yet even got on to clause 1, I think I had better take the hint that Madam Deputy Speaker has dropped to us. The hon. Gentleman asked a perfectly pertinent question, and I will shortly be setting...

Will my right hon. Friend give way?

Will my right hon. Friend give way?

Let me answer the point that the hon. Gentleman raised in his intervention. The Prime Minister talks about international co-operation between regulatory systems. Of course, no one is against that, but an international system will not regulate the sale of sub-prime mortgages in Alabama; we will have to rely on...

Let me answer the point that the hon. Gentleman raised in his intervention. The Prime Minister talks about international co-operation between regulatory systems. Of course, no one is against that, but an international system will not regulate the sale of sub-prime mortgages in Alabama; we will have to rely on...

When the Chancellor took an intervention from me at the start of this debate, he was kind enough to remind the House that I am an Edinburgh MP, as he is. I make no apologies for the fact that my starting point in this speech, as in the speech that...

When the Chancellor took an intervention from me at the start of this debate, he was kind enough to remind the House that I am an Edinburgh MP, as he is. I make no apologies for the fact that my starting point in this speech, as in the speech that...

The hon. Member for Edinburgh, North and Leith (Mark Lazarowicz) makes some interesting points about international institutions. We have the Bank for International Settlements and the IMF. I hope that whatever additional role is needed can be found through them, rather than by inventing new institutions. It is a matter...

The hon. Member for Edinburgh, North and Leith (Mark Lazarowicz) makes some interesting points about international institutions. We have the Bank for International Settlements and the IMF. I hope that whatever additional role is needed can be found through them, rather than by inventing new institutions. It is a matter...

No, I want to finish my point. The money supply was growing at 11, 12, 13 per cent. when the Prime Minister was Chancellor. I do not know whether he made any phone calls about it to the Governor of the Bank of England, but he certainly should have done....

No, I want to finish my point. The money supply was growing at 11, 12, 13 per cent. when the Prime Minister was Chancellor. I do not know whether he made any phone calls about it to the Governor of the Bank of England, but he certainly should have done....

Will the hon. Gentleman give way?

Will the hon. Gentleman give way?

I welcome a Bill on this subject, and I am glad that my right hon. and hon. Friends on the Front Bench are in a collaborative spirit because this is a case where working together might improve the Bill, but it needs a lot of improvement because the main things...

I welcome a Bill on this subject, and I am glad that my right hon. and hon. Friends on the Front Bench are in a collaborative spirit because this is a case where working together might improve the Bill, but it needs a lot of improvement because the main things...

The right hon. Gentleman talked about restoring powers to the Bank of England. Is he about to make the point that monetary policy decisions on interest rates should be taken away from it, almost as a quid pro quo? In the example that he gave of interest rates being set...

The right hon. Gentleman talked about restoring powers to the Bank of England. Is he about to make the point that monetary policy decisions on interest rates should be taken away from it, almost as a quid pro quo? In the example that he gave of interest rates being set...