Financial Services Bill

My Lords, I am somewhat puzzled by the structure of this clause. My noble friend—rightly, in my view—has suggested that the views of the various members of the council be made explicit and published, and that any disagreement between them be recorded. However, I do not understand why the FSA or the Bank of England publishes a report which then has to be considered and the Treasury prepares a draft report which also has to be considered. I am not sure why there is a distinction between the two. Apparently, there is no question of the Treasury suggesting that the minutes are a risk to the stability of the economy. Having said that, I am not at all clear what the minutes will look like. Will they be like those of the Monetary Policy Committee, from which one gets a very clear idea of where the balance is on a particular issue, or will they be more like ordinary Cabinet committee minutes, which probably record nothing at all except what decision is reached and therefore will not be very illuminating? It is right for my noble friend to suggest that the views of the members of the council should be made public.