Banking Bill

There is an element of incredulity about the Minister's statement. Can we just be clear? The Government lent those banks—those finance houses—£37 billion. In return, we expected them to show some restraint on repossessions, yet Northern Rock is repossessing faster than any other financial institution. We expected them, as a result of the money, to be able to lend between themselves and stimulate the banking economy once again, yet they refuse to lend. What, therefore, gives the Minister any confidence in the idea that they will also restrain their pay? The FSA has significantly failed up until now, and the conditions have failed up until now.