Banking Bill

As the Chancellor knows, I am a strong supporter of bank recapitalisation and of his statement yesterday. In that statement, he said the"““shareholdings will be managed on a fully commercial basis by an arm's length body””." Can he say a little more about what that arm's length body will be, and why he has decided not to use the FSA or the Bank of England for that purpose? Will he also explain what the"““precisely defined remit to act in the interests of taxpayers””—[Official Report, 13 October 2008; Vol. 480, c. 540.]" is, if it is not to act on a fully commercial—