Parliamentary search - Banking (Special Provisions) Bill

Type

Parliamentary proceeding

Reference

472 c629-54

Session

2007-08

Department

Treasury

Legislative stage

Lords amendments

Chamber / Committee

House of Commons chamber

Banking (Special Provisions) Bill. Lords amendments. (vote).
Thursday, 21 February 2008
Bills
House of Commons

Proceeding contributions

Speaker | 472 c629 (Link to this contribution) With this it will be convenient to take Lords amendments Nos. 2 and 3, and Government motions to dis...

Lord Boswell of Aynho | 472 c636 (Link to this contribution) I have not been a regular follower of this issue. Can the Minister explain to me how she can possibl...

Show all contributions (101)

Speaker | 472 c636 (Link to this contribution) Order. We must be careful not to abuse the system of points of order. The right hon. Lady is perfect...

Yvette Cooper | 472 c636 (Link to this contribution) Thank you, Mr. Speaker. I shall make one more point about the importance of the freedom of informat...

Yvette Cooper | 472 c635-6 (Link to this contribution) In a moment. We have been clear that we are taking the bank into public ownership not because we be...

Richard Shepherd | 472 c636 (Link to this contribution) On a point of order, Mr. Speaker. I am sure you will make a judgment on this. It is absurd that a Mi...

Gerald Howarth | 472 c635 (Link to this contribution) Will the right hon. Lady give way?

Speaker | 472 c636 (Link to this contribution) Order. Two hon. Gentlemen are getting to the stage of beginning to defy the Chair. Once they do that...

Yvette Cooper | 472 c636 (Link to this contribution) If hon. Members will just calm down and stop—

Yvette Cooper | 472 c636 (Link to this contribution) The lack of certainty could undermine the bank's position when it is operating against competitors—

William Cash | 472 c636 (Link to this contribution) Will the Minister give way?

Yvette Cooper | 472 c635 (Link to this contribution) No, I will not until I have made some progress. [Interruption.] The hon. Gentleman will let me make ...

Speaker | 472 c635 (Link to this contribution) Order. The hon. Member for Aldridge-Brownhills (Mr. Shepherd) is usually a very calm individual. I p...

Yvette Cooper | 472 c634-5 (Link to this contribution) I appreciate that Opposition Members do not want to hear the points that we are making; they simply ...

Richard Shepherd | 472 c635 (Link to this contribution) Will the Minister give way?

John Grogan | 472 c635 (Link to this contribution) Will my right hon. Friend give way?

Yvette Cooper | 472 c635 (Link to this contribution) I will give way to my hon. Friend in a moment, but as I have said repeatedly to hon. Members on both...

Speaker | 472 c635 (Link to this contribution) Order. The hon. Gentleman must know that I have enough to do dealing with what is said in this House...

Yvette Cooper | 472 c635 (Link to this contribution) I worry about the hon. Gentleman's blood pressure. He is getting himself into such an agitated state...

William Cash | 472 c635 (Link to this contribution) On a point of order, Mr. Speaker. The Minister has just said that it would not be appropriate for in...

Speaker | 472 c634 (Link to this contribution) Order. The Minister does not have an obligation to answer the hon. Gentleman. She has an obligation ...

Speaker | 472 c634 (Link to this contribution) I am sure that it is not a point of order, but I will hear it... I knew that the hon. Gentleman's c...

Yvette Cooper | 472 c634 (Link to this contribution) I shall make some progress and set out the points first, if I may, and then I will give way.

Yvette Cooper | 472 c634 (Link to this contribution) If the hon. Gentleman will take his seat, I will make a little progress with the arguments about fre...

Mark Harper | 472 c634 (Link to this contribution) On a point of order, Mr. Speaker... I have heard the Minister make lots of references to how little...

Yvette Cooper | 472 c633 (Link to this contribution) As we have repeatedly made clear to the hon. Gentleman, we are not taking ownership of Granite. Thro...

Yvette Cooper | 472 c633 (Link to this contribution) We are clear that we are taking over the legal entity that is Northern Rock—the totality of Northern...

Yvette Cooper | 472 c633 (Link to this contribution) Let me finish this point. The hon. Gentleman has repeatedly made completely inaccurate, nonsense poi...

George Osborne | 472 c633 (Link to this contribution) I would be happy to read out a year's worth of Financial Times articles about the performance of the...

Yvette Cooper | 472 c634 (Link to this contribution) I need to get on to the next amendment.

William Cash | 472 c634 (Link to this contribution) The Minister has an obligation to answer the questions.

Yvette Cooper | 472 c633-4 (Link to this contribution) Thank you, Mr. Speaker. The implication of all the points that Opposition Members have raised is tha...

William Cash | 472 c634 (Link to this contribution) Will the Minister give way?

Yvette Cooper | 472 c631 (Link to this contribution) Many people have raised and discussed issues about Granite on many occasions. If the right hon. Gent...

Yvette Cooper | 472 c632 (Link to this contribution) I give way to my hon. Friend the Member for Sunderland, South (Mr. Mullin).

Chris Mullin | 472 c632 (Link to this contribution) I have not yet changed my understanding about Granite, and I put it to my right hon. Friend that at ...

Yvette Cooper | 472 c632 (Link to this contribution) Can we be clear? That is not an accurate description of the relationship between Granite and Norther...

Adam Price | 472 c632 (Link to this contribution) Does the Chief Secretary accept that in this case, given the amount of public money we are talking a...

Yvette Cooper | 472 c632-3 (Link to this contribution) Let us be clear about the events, including the credit crunch in the summer, which triggered Norther...

George Osborne | 472 c633 (Link to this contribution) Before the right hon. Lady moves off that point, I point out that it has emerged that Northern Rock ...

Philip Dunne | 472 c631 (Link to this contribution) Is the Chief Secretary therefore telling us that the audited accounts, which will be published at th...

Yvette Cooper | 472 c630-1 (Link to this contribution) Clearly, the issue will be what the OFT concludes and what the EU concludes. Obviously, we will have...

Bob Spink | 472 c630 (Link to this contribution) If the British Bankers Association eventually concludes that the arrangements lead to unfair competi...

Yvette Cooper | 472 c630 (Link to this contribution) As we have repeatedly made clear, it would not be appropriate for Ministers to take decisions about ...

John Redwood | 472 c630 (Link to this contribution) Does that mean that the Chief Secretary envisages limiting the attractiveness of the rates that can ...

Yvette Cooper | 472 c629-30 (Link to this contribution) I thank the Lords for their consideration of the Bill, which has been brought forward in exceptional...

Yvette Cooper | 472 c629 (Link to this contribution) I beg to move, That this House disagrees with the Lords in the said amendment.

Lord Beith | 472 c631 (Link to this contribution) Does the right hon. Lady recognise that it is the very opacity of conventional accounting that worri...

Yvette Cooper | 472 c637 (Link to this contribution) We are taking the bank into public ownership for a reason that is in the public interest—that is rat...

John Grogan | 472 c637 (Link to this contribution) May I tempt my right hon. Friend to see some possible advantages of applying freedom of information ...

Yvette Cooper | 472 c637 (Link to this contribution) My hon. Friend makes an important point, but he will recognise that there is a public interest test ...

Gerald Howarth | 472 c637-8 (Link to this contribution) I am extremely grateful to the Minister for giving way. I quite understand what she is saying, but i...

Yvette Cooper | 472 c638 (Link to this contribution) The hon. Gentleman cites the technical note, but has not read the subsequent sentence, which clearly...

Rob Marris | 472 c638 (Link to this contribution) Lords amendment No. 2 is basically the same as new clause 2, which was put forward but not reached w...

Yvette Cooper | 472 c638 (Link to this contribution) My hon. Friend makes an important point. There is also, as I understand it, a curious consequence of...

Lord Hammond of Runnymede | 472 c638-40 (Link to this contribution) We have listened to 30 minutes of rubbish and waffle from the Minister, and we now have precisely 29...

Lord Hammond of Runnymede | 472 c640 (Link to this contribution) I say to the right hon. Gentleman that there are other companies in the public sector that are subje...

William Cash | 472 c640 (Link to this contribution) Will my hon. Friend give way?

Frank Dobson | 472 c640 (Link to this contribution) Would the hon. Gentleman accept that the freedom of information request would not be made of Ministe...

Stuart Bell | 472 c642 (Link to this contribution) I am not entirely sure what I am supposed to withdraw. I am not entirely sure what I said—[Laughter....

Lord Hammond of Runnymede | 472 c640-1 (Link to this contribution) I am going to make some progress because I do not want to do what the Chief Secretary did and take u...

Stuart Bell | 472 c641-2 (Link to this contribution) We have had one blessing in disguise, which is that the hon. Member for Runnymede and Weybridge (Mr....

Speaker | 472 c642 (Link to this contribution) Order. It is obviously taking me some time to explain this. Perhaps the hon. Gentleman would like to...

Speaker | 472 c642 (Link to this contribution) Order. It is helpful to the House if hon. Members can remember what they have just said. There was s...

Stuart Bell | 472 c642 (Link to this contribution) I am grateful, Mr. Deputy Speaker. If I may quote Winston Churchill again, he said, ““The best speec...

Stuart Bell | 472 c643 (Link to this contribution) I am very happy to answer, because the hon. Gentleman has shown his total ignorance of economics as ...

Philip Dunne | 472 c642 (Link to this contribution) It is revealing to learn that the hon. Gentleman is an expert not only on matters of faith but on gl...

Stuart Bell | 472 c643 (Link to this contribution) That is the principle of securitisation. Securitisation has been here for 20 years. If the House wan...

Baroness Browning | 472 c643 (Link to this contribution) I too was present for the Third Reading debate. Can the hon. Gentleman explain this? The technical n...

Stuart Bell | 472 c642 (Link to this contribution) I am very sorry if I used the word ““misleading”” in relation to the speech by the hon. Member for T...

Stuart Bell | 472 c643 (Link to this contribution) I understand that at least 40 per cent. of Northern Rock's mortgages are going across to Granite. Ag...

Speaker | 472 c643 (Link to this contribution) Order. This is an important matter. The House must listen. [Interruption.] Order. The House must lis...

Speaker | 472 c644 (Link to this contribution) Order. That is not a matter for the Chair.

William Cash | 472 c644 (Link to this contribution) On a point of order, Mr. Deputy Speaker. Does this debate not provide a good illustration of the fac...

Iain Duncan Smith | 472 c645 (Link to this contribution) The hon. Gentleman has been a Member of this House for a long time and he has argued endlessly that ...

Stuart Bell | 472 c644-5 (Link to this contribution) A robust statutory framework is in place at European level to prevent the unfair distortion of compe...

Stuart Bell | 472 c643 (Link to this contribution) I give way to my hon. Friend the Member for Wolverhampton, South-West (Rob Marris).

Rob Marris | 472 c643-4 (Link to this contribution) I am sure that my hon. Friend will move away from the Granite topic shortly because of the time cons...

Speaker | 472 c644 (Link to this contribution) Order.

Stuart Bell | 472 c644 (Link to this contribution) I am not an expert on witches' brew. If I were an expert on witches' brew, I would be an expert on t...

John Redwood | 472 c644 (Link to this contribution) The hon. Gentleman is right to say that some securitisation schemes get the obligation off the balan...

Stuart Bell | 472 c644 (Link to this contribution) Again, the right hon. Gentleman does not understand what the Chief Secretary said. Of course there i...

Jeremy Browne | 472 c646-7 (Link to this contribution) Let me see whether I can get to that once I have concluded the two substantive points that I wish to...

Jeremy Browne | 472 c646 (Link to this contribution) What a build up to what will be a great six-minute speech! The Chief Secretary to the Treasury accu...

Lord Beith | 472 c645 (Link to this contribution) Does not what the hon. Gentleman is doing run the risk of ensuring that a party that supports this B...

Stuart Bell | 472 c645 (Link to this contribution) I have noticed over the years that interventions can take up an enormous amount of time and that man...

Stuart Bell | 472 c645 (Link to this contribution) The right hon. Gentleman puts temptation in the way of an hon. Member. It is not for me to yield to ...

Lord McLoughlin | 472 c645 (Link to this contribution) On a point of order, Mr. Deputy Speaker. The hon. Gentleman has just informed the House that he has ...

Speaker | 472 c646 (Link to this contribution) Unfortunately, the answer is no. I am bound by the rules of the House, and interventions such as thi...

Baroness McIntosh of Pickering | 472 c645 (Link to this contribution) Perhaps I should draw the House's attention to my diminishing interest in Northern Rock as a former ...

Stuart Bell | 472 c645 (Link to this contribution) It is not for me to rule that in or out; that is a question for our Front Bench. I have, however, be...

Iain Duncan Smith | 472 c647 (Link to this contribution) Very little time is left, so I just want to make one particular point. We ought to put the amendment...

Yvette Cooper | 472 c636 (Link to this contribution) I am happy to give way to hon. Members capable of asking a calm question.

Yvette Cooper | 472 c636 (Link to this contribution) —and would not put the taxpayer in a sensible position when it comes to dealing with the need to sel...

Speaker | 472 c642 (Link to this contribution) Order. The House is very particular about the words that we should not use and ““misleading”” is one...

John Redwood | 472 c646 (Link to this contribution) What is the Liberal Democrats' forecast of the first year total cost to the taxpayer of the national...

Yvette Cooper | 472 c631 (Link to this contribution) We have set that out repeatedly. Clearly, the accounts will need to be set out in the normal way. Th...

Lord Hammond of Runnymede | 472 c643 (Link to this contribution) Can the hon. Gentleman explain why the Granite entities are consolidated in Northern Rock's accounts...

Yvette Cooper | 472 c634 (Link to this contribution) Thank you, Mr. Speaker. I need to get on to Lords amendment No. 2, which is about the Freedom of Inf...

Richard Shepherd | 472 c634 (Link to this contribution) Will the right hon. Lady give way?

Speaker | 472 c633 (Link to this contribution) Order. The right hon. Lady must be allowed to speak.

Subjects

Accountability

Audit

Assets

Banks

Competition

Building societies

Bank of England

Freedom of information

Liability

Government assistance

Office of Fair Trading

Nationalisation

Northern Rock

Granite

Legislation

Banking (Special Provisions) Bill 2007-08

Link

View this Parliamentary proceeding on www.publications.parliament.uk