Financial Services Bill

My Lords, I apologise for not being in my place when the noble Lord, Lord Hamilton, moved the amendment. The problem is not that banks fail; it is that they have to be rescued. This Bill allows for a living will, so we will not have to rescue banks like we did in the past. The Glass-Steagall discussion is not relevant to the Bill. No matter how large or how small banks are, and no matter what they do, they will not be rescued; they will have to make a living will; and the whole question of Glass-Steagall does not arise.