Statement on the financial markets.
Financial Markets
Ministerial statement on Monday, 13 October 2008,
in the House of Commons,
led by Lord Darling of Roulanish.
Type
Parliamentary proceeding
Reference
480 c539-57
Session
2007-08
Chamber / Committee
House of Commons chamber
Proceeding contributions
Speaker | 480 c556 (Link to this contribution)
Order. I call Mr. John Maples.
Lord Darling of Roulanish | 480 c556 (Link to this contribution)
First, the share price of banks and companies varies from day to day. We believe that this level of ...
Show all contributions (75)
Rob Marris | 480 c556 (Link to this contribution)
Well, it is Baroness Margaret Thatcher's birthday today and Labour is nationalising banks—oh happy d...
Nicholas Winterton | 480 c555 (Link to this contribution)
Does the Chancellor accept that because of the banking crisis, many of my constituents are deeply an...
Lord Darling of Roulanish | 480 c555 (Link to this contribution)
I am glad that the hon. Gentleman commands such respect and affection in his constituency—and I agre...
Baroness Kramer | 480 c556 (Link to this contribution)
Over Thursday and Friday, I talked with a number of small businesses in my constituency. Many busine...
Lord Darling of Roulanish | 480 c556 (Link to this contribution)
I said last week that I hoped that banks would remember that, just as in the good times, when they g...
Elliot Morley | 480 c555-6 (Link to this contribution)
I very much agree with bodies such as the Engineering Employers Federation that the Government have ...
Lord Darling of Roulanish | 480 c556 (Link to this contribution)
My right hon. Friend has raised that matter with me and quite rightly he is concerned about the posi...
Peter Luff | 480 c557 (Link to this contribution)
Further to that point of order, Mr. Speaker. You will understand that my hon. Friend the Member for ...
Speaker | 480 c557 (Link to this contribution)
I have been advised often that the content of a reply is not a matter for the Chair, but I am deeply...
Lord Darling of Roulanish | 480 c549 (Link to this contribution)
If my hon. Friend is referring to the staff employed by the banks, I should say that the banks thems...
Lord Darling of Roulanish | 480 c549 (Link to this contribution)
My hon. Friend makes a very good point.
Dennis Skinner | 480 c549 (Link to this contribution)
Does the Chancellor agree that one of the most remarkable things in this time of adversity is that i...
Lord Darling of Roulanish | 480 c549 (Link to this contribution)
As I said earlier, the agreement with those banks is that the availability of support for mortgage h...
Lord Darling of Roulanish | 480 c550 (Link to this contribution)
I think that my hon. Friend is referring to the problems that have arisen as a result of the collaps...
David Crausby | 480 c550 (Link to this contribution)
I was a Labour councillor in 1992, when the Bank of Credit and Commerce International went bust and ...
Lord Darling of Roulanish | 480 c550 (Link to this contribution)
I do remember what the hon. Gentleman said a month or so ago. I am sure that the decision taken by t...
Peter Tapsell | 480 c549-50 (Link to this contribution)
May I remind the Chancellor, since to him it might seem a long time ago, that last Monday I urged hi...
Lord Lilley | 480 c550 (Link to this contribution)
I wholeheartedly agree with the Chancellor's remark in response to an earlier question—that the prin...
Lord Reid of Cardowan | 480 c548 (Link to this contribution)
The Chancellor and the Government have acted with clarity and decisiveness of action in the midst of...
Lord Darling of Roulanish | 480 c547-8 (Link to this contribution)
The decision in relation to the merger was taken jointly by the boards of HBOS and Lloyds TSB. That ...
Michael Fallon | 480 c548 (Link to this contribution)
Will the Chancellor confirm that Swedish taxpayers still own part of their bank 17 years after it wa...
Lord Darling of Roulanish | 480 c548 (Link to this contribution)
I agree with my right hon. Friend. It is important, on such an issue, and at a time like this, that ...
Kelvin Hopkins | 480 c548 (Link to this contribution)
There is still a vast amount of toxic debt around. Will the banks not have to declare that on the ba...
Lord Darling of Roulanish | 480 c548 (Link to this contribution)
The hon. Gentleman is correct in saying that it will inevitably take time to work through this. What...
Jacqui Lait | 480 c549 (Link to this contribution)
The Chancellor indicated that some of the package will be paid for by borrowing. What is his assessm...
Lord Darling of Roulanish | 480 c548 (Link to this contribution)
Banks here and all over the world are engaged in that process at the moment. As I have said on many ...
Jim Cunningham | 480 c549 (Link to this contribution)
When my right hon. Friend was having discussions with the bankers, was there any mention of the prot...
Lord Darling of Roulanish | 480 c549 (Link to this contribution)
I did indeed indicate that some of what I am announcing today will be met by borrowing. The Governme...
Lord Bruce of Bennachie | 480 c553 (Link to this contribution)
Will the Chancellor acknowledge that the demutualisation of many building societies and insurance co...
Lord Darling of Roulanish | 480 c553 (Link to this contribution)
Any director of any bank has exactly the same powers and responsibilities.
Gordon Prentice | 480 c553 (Link to this contribution)
Will our three board members at the Royal Bank of Scotland have the power of veto? Will we know when...
Lord Darling of Roulanish | 480 c552 (Link to this contribution)
As I have said on a number of occasions this afternoon, we want to ensure that the availability is t...
Lord Maples | 480 c552 (Link to this contribution)
The next Conservative Government are looking forward to selling back these shareholdings at a consid...
Lord Darling of Roulanish | 480 c552 (Link to this contribution)
As my hon. Friend says, Barclays has not taken funds from the bank reconstruction fund, so it would ...
Lord Darling of Roulanish | 480 c553 (Link to this contribution)
The problems to which my right hon. Friend refers need to be addressed by the regulatory system, but...
Michael Meacher | 480 c553 (Link to this contribution)
Surely the purpose of taking public control of a bank should not merely be to stabilise it before re...
Lord Darling of Roulanish | 480 c553 (Link to this contribution)
No; I do not entirely agree with the right hon. Gentleman. I do think that it is unfortunate, but I ...
Julia Goldsworthy | 480 c551 (Link to this contribution)
The Chancellor spoke of the in-principle arrangement that had been agreed in relation to depositors ...
Lord Darling of Roulanish | 480 c551 (Link to this contribution)
Yes, we must. My right hon. Friend the Prime Minister has argued for the best part of 10 years that ...
Tony Wright | 480 c551 (Link to this contribution)
Everyone recognises that the Government are leading the world in their recovery plan to get us out o...
Lord Darling of Roulanish | 480 c551 (Link to this contribution)
Discussions are continuing with the Icelandic authorities, but part of the situation will depend on ...
James Plaskitt | 480 c550-1 (Link to this contribution)
I welcome my right hon. Friend's statement and the decisive action that the Government have taken. D...
Lord Darling of Roulanish | 480 c550 (Link to this contribution)
As I said in my statement, I will arrange for copies of the agreements to be put in the Libraries of...
Charles Walker | 480 c551-2 (Link to this contribution)
Can we cut through the rhetoric and some of the political consensus? Can I tell the Chancellor how f...
Lord Darling of Roulanish | 480 c551 (Link to this contribution)
I have said for some time that we need to learn the lessons of what happened. Whether or not one can...
Paul Farrelly | 480 c552 (Link to this contribution)
I congratulate my right hon. Friend on the action he has taken today. May I remind him of the old ad...
Lord Darling of Roulanish | 480 c552 (Link to this contribution)
I agree with the hon. Gentleman to the extent that every one of us represents people who see what is...
James Paice | 480 c555 (Link to this contribution)
The Chancellor is obviously very unhappy about how banks have allowed domestic debt to rise over the...
Lord Darling of Roulanish | 480 c555 (Link to this contribution)
I am always intrigued at the line that the Conservatives take on this. If they want to restrict pers...
Bob Spink | 480 c553 (Link to this contribution)
I welcome the Chancellor's statement on the accelerated payouts to depositors in Icelandic banks. Wi...
Lord Darling of Roulanish | 480 c554 (Link to this contribution)
There are two issues here. In relation to the financial services compensation scheme: yes, we have s...
Clive Efford | 480 c554 (Link to this contribution)
I congratulate my right hon. Friend on the prompt action that he took following the collapse of Nort...
Lord Darling of Roulanish | 480 c554 (Link to this contribution)
I do remember the problems at Lloyd's in the early 1990s, and I know that they were the subject of m...
Laura Moffatt | 480 c554 (Link to this contribution)
Has my right hon. Friend made an assessment not just of the innovative deal that is allowing the cou...
Lord Darling of Roulanish | 480 c555 (Link to this contribution)
The answer is, as everyone knows, that this problem is affecting every part of the world. The proble...
Ruth Kelly | 480 c547 (Link to this contribution)
May take this opportunity—the first time that I have spoken from the Back Benches in many years—to c...
Lord Darling of Roulanish | 480 c547 (Link to this contribution)
I am grateful to my right hon. Friend for her support, and I am sure that there are many of us on th...
Lord Young of Cookham | 480 c547 (Link to this contribution)
Lloyds bank and HBOS have to make some difficult commercial decisions if the proposed merger goes th...
Lord McFall of Alcluith | 480 c546 (Link to this contribution)
I welcome the Chancellor's statement. The Treasury Committee has just returned from speaking to the ...
Lord Darling of Roulanish | 480 c546-7 (Link to this contribution)
I do, and all of us know full well that people in this country, some of whom are finding times hard ...
John Redwood | 480 c547 (Link to this contribution)
Given that the three banks in which the Government are considering taking a public stake have combin...
Lord Darling of Roulanish | 480 c543-5 (Link to this contribution)
I notice that the shadow Chancellor is finding it increasingly difficult to maintain his stance of b...
Vincent Cable | 480 c545 (Link to this contribution)
Last week, from the Liberal Democrat Benches, I indicated our support for the broad outlines of the ...
Lord Darling of Roulanish | 480 c545-6 (Link to this contribution)
I am grateful to the hon. Gentleman. He is right that we need to proceed with caution. I said that I...
Speaker | 480 c542 (Link to this contribution)
Order. Hon. Members must allow the shadow Chancellor to be heard.
Lord Darling of Roulanish | 480 c539-42 (Link to this contribution)
With permission, Mr. Speaker, I would like to make a statement on this morning's announcement about ...
George Osborne | 480 c542 (Link to this contribution)
Once again, I thank the Chancellor for his statement. Given that the banking system has been on the ...
Lord Darling of Roulanish | 480 c554 (Link to this contribution)
My hon. Friend is right. Without the Banking (Special Provisions) Act, which the House passed in Feb...
George Osborne | 480 c543 (Link to this contribution)
I want to know why the Chancellor did not agree with himself a week ago.
I welcome the statement th...
Lord Maples | 480 c557 (Link to this contribution)
On a point of order, Mr. Speaker. Documents published this weekend under the Freedom of Information ...
Peter Viggers | 480 c554 (Link to this contribution)
Does the Chancellor agree that the nearest parallel to the present situation is that of Lloyd's of L...
Stewart Hosie | 480 c549 (Link to this contribution)
I thank the Chancellor for his statement and advance notice of it. I repeat what we said last week: ...
Lord Darling of Roulanish | 480 c547 (Link to this contribution)
I fully agree with the right hon. Gentleman. He is absolutely right: we do need to work together, an...
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Timestamp
2023-12-08 16:23:36 +0000
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