Dormant Bank and Building Society Accounts Bill [HL]

I take that point. I shall respond by reminding the noble Viscount of the document produced by the BBA on 8 November, the day the Bill was published. Under the heading ““The reclaim fund””, it says: "““The BBA and BSA have agreed to lead on the selection or establishment of a body to act as a reclaim fund. Once in place, however, the fund will operate independently from the BBA, BSA””—" I ask the Committee to listen carefully to the following words— "““and the Government””." The document sets out the timetable. On page 7, it says: "““BBA and BSA to work with potential candidates to enhance their understanding of the role in advance of the selection process … BBA and BSA to invite formal applications … BBA and BSA to commence formal applications””." Then, from the middle to the end of 2008, it is hoped—although, as my noble friend said, at the present rate of progress this may be somewhat optimistic—that the BBA and BSA will, "““work with the body selected””." I refer the noble Viscount to those passages only because they show that the setting up of the company will be very much in the hands of the banks and building societies. That may not be satisfactory to him in terms of what kind of company it will be, but I wanted to emphasise that it will be their child, not the Government’s.