Banking (Special Provisions) Bill

No, my Lords, it is not that. As I said as a background to the Bill, we intend to introduce legislation that will produce reform for the banking and building society sectors and all deposit-takers. It will take us some months to do that. We are working on the proposals; they will of course be put before this House and the other place in due course. We cannot guarantee to have that as an Act of Parliament in the short term. In the mean time, such is the general financial situation and all noble Lords will recognise the strains and stresses that are happening across the international financial community and the extent to which other countries are facing problems with regard to institutions in great difficulty that it is necessary for the Government to have legislation in place that enables us to act appropriately and rightly when that is a threat to the financial system and the interests of the nation. I commend the Bill to the House. Moved, That the Bill be now read a second time.—(Lord Davies of Oldham.)