Kaupthing Singer & Friedlander Limited (Determination of Compensation) Order 2008

That is a pretty ridiculous situation. Now that we know, many months on, that disaster has struck, are we seriously to say that we are not allowed to find out when what appears to have been grossly negligent regulator failure has happened? Do we have to ask through the Freedom of Information Act? Surely when something like this happens, which we all agree has been pretty disastrous, neither the FSA nor anyone else can hide behind that position. I thank the Minister for his assurances that he will look into the matters I have raised. Given what he has just said to the noble Lord, Lord Campbell-Savours, about the fact that informed investors could and should have been aware of these rating downgrades in April and May, was the Treasury aware of those downgrades at that time and, if so, what was it doing about it, particularly given its responsibility for guiding and helping local authorities, many of which went on putting further sums of money into these banks right up until the end?