Building Societies (Funding) and Mutual Societies (Transfers) Bill

My Lords, I am very grateful to the Minister for the statement that he has just made and to the Government for continuing to support the Bill and for not taking fright at the last minute. This is an enabling Bill, and no individual part of it need be brought into effect if it were thought to be inappropriate. We had a discussion yesterday and I do not want to repeat that, but it is very important that the Government satisfy themselves on the effectiveness of the FSA’s regulatory oversight procedures for building societies before extending the powers in relation to wholesale finance. Otherwise, I completely support what the Minister has said.