SI 2009/310. Together with an explanatory memorandum from the Treasury. Coming into force 20 February 2009.

SI 2009/310. Together with an explanatory memorandum from the Treasury. Coming into force 20 February 2009.

SI 2009/308. Together with an explanatory memorandum from the Treasury. Coming into force 20 February 2009.

SI 2009/308. Together with an explanatory memorandum from the Treasury. Coming into force 20 February 2009.

My right honourable friend the Chancellor of the Exchequer (Alistair Darling) has made the following Written Statement. On 8 October 2008 I announced that, by order (the Transfer of Rights and Liabilities to ING Order 2008, No. 2666) under the Banking (Special Provisions) Act 2008, the retail deposit business of...

My right honourable friend the Chancellor of the Exchequer (Alistair Darling) has made the following Written Statement. On 8 October 2008 I announced that, by order (the Transfer of Rights and Liabilities to ING Order 2008, No. 2666) under the Banking (Special Provisions) Act 2008, the retail deposit business of...

On 8 October 2008, I announced that by order (The Transfer of Rights and Liabilities to ING Order 2008 No 2666) under the Banking (Special Provisions) Act 2008, the retail deposit business of two Icelandic banks, Kaupthing and Landsbanki, with UK subsidiaries, respectively, Kaupthing Singer & Friedlander (KSF) and Heritable,...

On 8 October 2008, I announced that by order (The Transfer of Rights and Liabilities to ING Order 2008 No 2666) under the Banking (Special Provisions) Act 2008, the retail deposit business of two Icelandic banks, Kaupthing and Landsbanki, with UK subsidiaries, respectively, Kaupthing Singer & Friedlander (KSF) and Heritable,...

Topical debate on financial stability.

Topical debate on financial stability.

I do read the newspapers—and so does the hon. Gentleman.

I do read the newspapers—and so does the hon. Gentleman.

The Financial Secretary mentioned the need for bold action. In his statement yesterday, the Chancellor said that he had frozen the assets of the subsidiaries of Landsbanki in this country as a first step in trying to address the issue of retail deposits at that bank. However, he was not...

The Financial Secretary mentioned the need for bold action. In his statement yesterday, the Chancellor said that he had frozen the assets of the subsidiaries of Landsbanki in this country as a first step in trying to address the issue of retail deposits at that bank. However, he was not...

It is good that the hon. Gentleman does that. He should have asked the Financial Secretary how the Government intend to achieve what he outlined because yesterday's statement refers to executive compensation packages. There will be an agreement between the Government and banks on recapitalisation using the £25 billion that...

It is good that the hon. Gentleman does that. He should have asked the Financial Secretary how the Government intend to achieve what he outlined because yesterday's statement refers to executive compensation packages. There will be an agreement between the Government and banks on recapitalisation using the £25 billion that...

I am happy to give way to the former envoy for forestry.

I am happy to give way to the former envoy for forestry.

My hon. Friend is absolutely right. I have been struck by how some people who have customarily denounced any form of Government intervention are now calling for precisely that intervention. There are three strands to what the Chancellor announced yesterday: first, the provision of sufficient liquidity now; secondly, making available...

My hon. Friend is absolutely right. I have been struck by how some people who have customarily denounced any form of Government intervention are now calling for precisely that intervention. There are three strands to what the Chancellor announced yesterday: first, the provision of sufficient liquidity now; secondly, making available...

Is not one of the key solutions moving all the bad debts off the banks' balance sheets? The real problem in Japan was a great reluctance to do that, which held the Japanese economy back for many more years.

Is not one of the key solutions moving all the bad debts off the banks' balance sheets? The real problem in Japan was a great reluctance to do that, which held the Japanese economy back for many more years.

That is exactly the point that I was making. We may have to consider doing likewise, in addition to the things that we have already done. The Japanese also had to extend a guarantee to all individual deposits. I find it incomprehensible that the Government have not done the same,...

That is exactly the point that I was making. We may have to consider doing likewise, in addition to the things that we have already done. The Japanese also had to extend a guarantee to all individual deposits. I find it incomprehensible that the Government have not done the same,...

It is an interesting question. Historically, the FSA has not been an effective regulator, and the House will have to return to the matter. I want to comment on my Prime Minister's economic war council. With 28 people gathering as a war cabinet for economic crisis, it is very impressive....

It is an interesting question. Historically, the FSA has not been an effective regulator, and the House will have to return to the matter. I want to comment on my Prime Minister's economic war council. With 28 people gathering as a war cabinet for economic crisis, it is very impressive....

I draw the House's attention to my interest, as in the Register of Members' Interests. It is a privilege to follow the hon. Member for Hackney, North and Stoke Newington (Ms Abbott). She referred to a speech that she made in a banking debate 10 or so years ago, which...

I draw the House's attention to my interest, as in the Register of Members' Interests. It is a privilege to follow the hon. Member for Hackney, North and Stoke Newington (Ms Abbott). She referred to a speech that she made in a banking debate 10 or so years ago, which...

I have only a scarce couple of minutes in which to make my speech. It may shock my constituents that I have sought to address these problems within such a short time scale, but equally I think they would consider it remiss of me not to seek to do so....

I have only a scarce couple of minutes in which to make my speech. It may shock my constituents that I have sought to address these problems within such a short time scale, but equally I think they would consider it remiss of me not to seek to do so....

Obviously, the whole House welcomes the financial rescue package, but it is not the end, or even the beginning of the end, of stabilising our financial and business worries. It is the beginning of the process. The House and Select Committee system will have to continue to question Ministers on...

Obviously, the whole House welcomes the financial rescue package, but it is not the end, or even the beginning of the end, of stabilising our financial and business worries. It is the beginning of the process. The House and Select Committee system will have to continue to question Ministers on...

The hon. Lady makes an interesting point. Does she not agree that when the Bank of England was made independent, certain of its previous powers were transferred to the FSA? Does she believe that the FSA has acted in the meantime, as it ought to have done, to ensure that...

The hon. Lady makes an interesting point. Does she not agree that when the Bank of England was made independent, certain of its previous powers were transferred to the FSA? Does she believe that the FSA has acted in the meantime, as it ought to have done, to ensure that...

I noted that, when the hon. Gentleman had the Floor earlier, the hon. Member for City of York (Hugh Bayley) asked him how the leader of the Conservative party envisaged the Government enforcing an incomes policy in the banking sector. There was no answer from the Conservatives, because they do...

I noted that, when the hon. Gentleman had the Floor earlier, the hon. Member for City of York (Hugh Bayley) asked him how the leader of the Conservative party envisaged the Government enforcing an incomes policy in the banking sector. There was no answer from the Conservatives, because they do...

Will the hon. Gentleman give way?

Will the hon. Gentleman give way?

I am getting a bit distracted, but I will give way one more time.

I am getting a bit distracted, but I will give way one more time.