To ask Her Majesty’s Government whether (a) the Financial Stability Board, and (b) the Financial Stability Committee, are committees of the Bank of England; whether both committees are chaired by the Governor of the Bank of England; and whether the Governor also sits on the Financial Stability Board established by...

To ask Her Majesty’s Government whether (a) the Financial Stability Board, and (b) the Financial Stability Committee, are committees of the Bank of England; whether both committees are chaired by the Governor of the Bank of England; and whether the Governor also sits on the Financial Stability Board established by...

My Lords, I have given hypothetical examples because we do not have an illustration of how the procedure works. Where a drafting error has been identified, leading to confusion and uncertainty as to whether the intended result has been achieved, it may be difficult to say that it is ““necessary””...

My Lords, I have given hypothetical examples because we do not have an illustration of how the procedure works. Where a drafting error has been identified, leading to confusion and uncertainty as to whether the intended result has been achieved, it may be difficult to say that it is ““necessary””...

Amendment 87 87: Clause 235, page 119, line 27, after ““a”” insert ““joint””

Amendment 87 87: Clause 235, page 119, line 27, after ““a”” insert ““joint””

Amendment 55 55: Clause 75, page 39, line 21, leave out ““or desirable””

Amendment 55 55: Clause 75, page 39, line 21, leave out ““or desirable””

My Lords, I am grateful to the Minister for his explanation and I beg leave to withdraw the amendment. Amendment 105 withdrawn. Amendment 106 not moved.

My Lords, I am grateful to the Minister for his explanation and I beg leave to withdraw the amendment. Amendment 105 withdrawn. Amendment 106 not moved.

Amendment 103 103: After Clause 235, insert the following new Clause— ““Debt: assessment of adequacy of resources After section 2C of the Bank of England Act 1998 (Financial Stability Committee: supplemental) as inserted by section 228 above insert— ““2D Debt: assessment of adequacy of resources (1) The Bank of England...

Amendment 103 103: After Clause 235, insert the following new Clause— ““Debt: assessment of adequacy of resources After section 2C of the Bank of England Act 1998 (Financial Stability Committee: supplemental) as inserted by section 228 above insert— ““2D Debt: assessment of adequacy of resources (1) The Bank of England...

My Lords, I said when we debated it at a late hour in Committee that I would return to this amendment. Although my noble friend Lord Davies is always eloquent and well informed, he generalised on what the position is now rather than being more radical and going for a...

My Lords, I said when we debated it at a late hour in Committee that I would return to this amendment. Although my noble friend Lord Davies is always eloquent and well informed, he generalised on what the position is now rather than being more radical and going for a...

Amendment 117 117: Clause 256, page 132, line 5, at end insert ““(in new terms)”” Amendment 117 agreed. Report received.

Amendment 117 117: Clause 256, page 132, line 5, at end insert ““(in new terms)”” Amendment 117 agreed. Report received.

My Lords, we support this amendment. The noble Lord, Lord Hoyle, made a powerful case, especially as regards trust, which I shall discuss in a minute, and ensuring that banking services are available, particularly in disadvantaged areas. I am sorry that the noble Lord, Lord Mandelson, is no longer in...

My Lords, we support this amendment. The noble Lord, Lord Hoyle, made a powerful case, especially as regards trust, which I shall discuss in a minute, and ensuring that banking services are available, particularly in disadvantaged areas. I am sorry that the noble Lord, Lord Mandelson, is no longer in...

My Lords, the purpose of Clause 254 is to provide the Government with the power to specify assistance that should or should not be included in the definition of financial assistance for the various purposes for which it is used in the Bill. The clause is therefore of considerable significance...

My Lords, the purpose of Clause 254 is to provide the Government with the power to specify assistance that should or should not be included in the definition of financial assistance for the various purposes for which it is used in the Bill. The clause is therefore of considerable significance...

My Lords, the intention behind this amendment is to ensure that the special resolution objectives, under Clause 4 and the code of practice, under Clause 5, apply to the powers to take a bank holding company into temporary public ownership. I shall be brief in explaining how this is already...

My Lords, the intention behind this amendment is to ensure that the special resolution objectives, under Clause 4 and the code of practice, under Clause 5, apply to the powers to take a bank holding company into temporary public ownership. I shall be brief in explaining how this is already...

My Lords, I shall speak as chairman of the Delegated Powers Committee, which has expressed strong views on this matter. The Government’s proposals for giving themselves almost unlimited powers to rewrite the whole law of insolvency in relation to investment banks reminds me very much of the words of King...

My Lords, I shall speak as chairman of the Delegated Powers Committee, which has expressed strong views on this matter. The Government’s proposals for giving themselves almost unlimited powers to rewrite the whole law of insolvency in relation to investment banks reminds me very much of the words of King...

Amendment 109 109: After Clause 253, insert the following new Clause— ““Banking in post offices The Secretary of State shall establish a national bank which shall operate from both directly managed post offices and sub-post offices throughout the United Kingdom.””

Amendment 109 109: After Clause 253, insert the following new Clause— ““Banking in post offices The Secretary of State shall establish a national bank which shall operate from both directly managed post offices and sub-post offices throughout the United Kingdom.””

My Lords, as usual my noble friend makes a powerful case for something that would bring benefits to ordinary consumers and small businesses. It would further the purposes of government in producing new entities which would lend in situations where ordinary banks, if I may call them that, would have...

My Lords, as usual my noble friend makes a powerful case for something that would bring benefits to ordinary consumers and small businesses. It would further the purposes of government in producing new entities which would lend in situations where ordinary banks, if I may call them that, would have...

My Lords, the noble Lord is quite right that he went on to say that. What I objected to was the fact that he said that British bond yields were at a 50-year low, which they were a few weeks ago, but not quite now. Anyway, the key thing for...

My Lords, the noble Lord is quite right that he went on to say that. What I objected to was the fact that he said that British bond yields were at a 50-year low, which they were a few weeks ago, but not quite now. Anyway, the key thing for...

My Lords, I thank the noble Lord, Lord Oakeshott, for giving way. What I said—and I chose my words very precisely—was that the ratio of sterling to bund interest rates saw sterling within the favourable band of the medium-term trend. I was not talking about absolute rates, but rather medium-term...

My Lords, I thank the noble Lord, Lord Oakeshott, for giving way. What I said—and I chose my words very precisely—was that the ratio of sterling to bund interest rates saw sterling within the favourable band of the medium-term trend. I was not talking about absolute rates, but rather medium-term...

My Lords, I was very interested in the positive reply given by my noble friend. He was endorsing what I read in the Observer that my noble friend Lord Mandelson had said, namely that we are moving towards a people’s bank. I am very pleased about that. I am glad...

My Lords, I was very interested in the positive reply given by my noble friend. He was endorsing what I read in the Observer that my noble friend Lord Mandelson had said, namely that we are moving towards a people’s bank. I am very pleased about that. I am glad...

My Lords, I am grateful to noble Lords who have spoken, and I am particularly pleased that my noble friend Lord Hoyle had support in the debate. I know that two noble Lords who would have spoken had trouble getting here, due to the weather, otherwise my noble friend would...

My Lords, I am grateful to noble Lords who have spoken, and I am particularly pleased that my noble friend Lord Hoyle had support in the debate. I know that two noble Lords who would have spoken had trouble getting here, due to the weather, otherwise my noble friend would...