Parliamentary search - Banking Bill

Type

Parliamentary proceeding

Reference

480 c691-766

Session

2007-08

Department

Treasury

Legislative stage

Second reading

Procedure

Programme motions
Carry-over motions
Money resolutions
Ways and means resolutions

Chamber / Committee

House of Commons chamber

Banking Bill. Explanatory Notes Bill 147-EN also published. (vote).
Tuesday, 7 October 2008
Bills
House of Commons

Banking reform. Treasury Select Committee seventeenth report with proceedings, evidence (HC 1008 i-ii not printed separately) and appendices.
Thursday, 11 September 2008
Parliamentary committees
House of Commons

Proceeding contributions

Speaker | 480 c710 (Link to this contribution) Order. I remind all hon. Members that Mr. Speaker has imposed a 15-minute limit on all Back-Bench sp...

Lord Clarke of Nottingham | 480 c761 (Link to this contribution) I realise that the Minister is new to his portfolio, and I myself have been new to very difficult po...

Show all contributions (134)

Ian Pearson | 480 c761-2 (Link to this contribution) I might be only 10 days into the job, but I can certainly answer the right hon. and learned Gentlema...

Andrew Pelling | 480 c761 (Link to this contribution) Will the Government be cognisant of the fact that however valuable European co-operation has been du...

Ian Pearson | 480 c761 (Link to this contribution) Yes. A number of right hon. and hon. Members contributed to the debate. Let me respond directly to ...

Ian Pearson | 480 c760 (Link to this contribution) We will always consider proposals from the European Commission and the European Parliament in the ap...

Graham Stuart | 480 c763 (Link to this contribution) I failed to follow the rationale for the Government's decision not to count as national debt the ban...

Ian Pearson | 480 c763 (Link to this contribution) Yes, as my right hon. Friend the Chancellor has said clearly, we will do whatever it takes to bring ...

John Redwood | 480 c763 (Link to this contribution) I wonder whether the Economic Secretary can answer one of my questions. Should any limit be placed o...

Ian Pearson | 480 c762-3 (Link to this contribution) As I said, these are unprecedented events. Lessons are being learned right across the world about in...

Stewart Hosie | 480 c762 (Link to this contribution) If the tripartite structure is fundamentally right—we know that it has failed—and if the Government'...

Ian Pearson | 480 c764 (Link to this contribution) I am sure that we can debate that issue in Committee. However, I would not like my hon. Friend to th...

Ian Pearson | 480 c763-4 (Link to this contribution) If the hon. Gentleman is fortunate enough to serve on the Public Bill Committee, I am sure he will f...

Mark Todd | 480 c764 (Link to this contribution) Will my hon. Friend reflect carefully on the reservations that the Treasury Committee expressed abou...

John Redwood | 480 c728 (Link to this contribution) I am grateful to the right hon. Gentleman. The directors of Northern Rock said in the company's 2007...

Frank Dobson | 480 c728 (Link to this contribution) Yes, I will.

Frank Dobson | 480 c737 (Link to this contribution) I have some sympathy with the hon. Gentleman's point of view, but is it not the case that if somebod...

Lord Maples | 480 c737 (Link to this contribution) The right hon. Gentleman makes a fair point. The only point that I am making is that if in future th...

Stewart Hosie | 480 c738 (Link to this contribution) Will the hon. Gentleman give way?

Lord Maples | 480 c738-41 (Link to this contribution) No, I have made my point on that and I want to move on to bank regulation, which is really what the ...

Frank Dobson | 480 c728-30 (Link to this contribution) It says that the directors were as daft as brushes, but we knew that already, before the right hon. ...

Michael Fallon | 480 c731-3 (Link to this contribution) I remind the House of my interests stipulated in the register. It is rather exhilarating to hear th...

Mark Lazarowicz | 480 c733-6 (Link to this contribution) When the Chancellor took an intervention from me at the start of this debate, he was kind enough to ...

Lord Maples | 480 c736-7 (Link to this contribution) The hon. Member for Edinburgh, North and Leith (Mark Lazarowicz) makes some interesting points about...

Lord Maples | 480 c741 (Link to this contribution) No, I want to finish my point. The money supply was growing at 11, 12, 13 per cent. when the Prime ...

Mark Lazarowicz | 480 c741 (Link to this contribution) Will the hon. Gentleman give way?

John Redwood | 480 c745 (Link to this contribution) I welcome a Bill on this subject, and I am glad that my right hon. and hon. Friends on the Front Ben...

David Leslie Taylor | 480 c745 (Link to this contribution) The right hon. Gentleman talked about restoring powers to the Bank of England. Is he about to make t...

John Howell | 480 c750-2 (Link to this contribution) It is worth reiterating that a major banking failure in this country is extremely rare. That makes t...

John Redwood | 480 c745-8 (Link to this contribution) It clearly was not because the target was to keep inflation to 2 per cent. Inflation is currently 5 ...

Andrew Pelling | 480 c748-50 (Link to this contribution) My declarations are on the record, but I should add to them the risks that I have with a NatWest ove...

Andrew Turner | 480 c753 (Link to this contribution) My hon. Friend is very kind. I understand what he is saying, but, in his opinion, what level of thou...

Andrew Pelling | 480 c754 (Link to this contribution) I thank the hon. Gentleman for his kind remarks earlier. Perhaps one of the fundamental reasons why...

Charles Walker | 480 c753-4 (Link to this contribution) My hon. Friend makes a good point. The regulators must understand the position and be comfortable wi...

Charles Walker | 480 c754-5 (Link to this contribution) The hon. Gentleman makes a telling point. The Minister may wish to look into it. I think that the r...

Mark Hoban | 480 c755-9 (Link to this contribution) People will be surprised that when debating a Bill of such importance to the future of the banking s...

Ian Pearson | 480 c759-60 (Link to this contribution) I welcome the strong cross-party support for the Bill and I look forward to future stages, during wh...

William Cash | 480 c760 (Link to this contribution) Will the Minister give way?

Ian Pearson | 480 c760 (Link to this contribution) I am quite happy to give way to the hon. Gentleman, although he has not played any part in today's d...

William Cash | 480 c760 (Link to this contribution) It is very kind of the Minister to give way. In fact, I have just returned from Brussels in the past...

Gordon Prentice | 480 c691 (Link to this contribution) When we nationalised Northern Rock, there was some debate about whether that extended to Granite, th...

Lord Darling of Roulanish | 480 c691 (Link to this contribution) I beg to move, That the Bill be now read a Second time. Yesterday I set out the Government's propos...

Lord Tyrie | 480 c691-2 (Link to this contribution) As the Chancellor knows, I am a strong supporter of bank recapitalisation and of his statement yeste...

Lord Darling of Roulanish | 480 c691 (Link to this contribution) No, the Bill does not address the question of offshore centres directly. As I shall describe, it pro...

Lord Darling of Roulanish | 480 c692 (Link to this contribution) I shall certainly answer the hon. Gentleman's question, but as I have not yet even got on to clause ...

Speaker | 480 c692 (Link to this contribution) Order. May I remind Back-Bench Members that there is a time limit, and therefore if they make interv...

Mark Lazarowicz | 480 c692 (Link to this contribution) Will my right hon. Friend give way?

George Osborne | 480 c702 (Link to this contribution) Let me answer the point that the hon. Gentleman raised in his intervention. The Prime Minister talks...

John Redwood | 480 c700 (Link to this contribution) When these difficult judgments are being made, it appears recently that the regulators want a higher...

Robert Smith | 480 c700 (Link to this contribution) There is concern about what the new definition of ““authorised bank”” in the Bill would imply for fu...

Lord Darling of Roulanish | 480 c700 (Link to this contribution) As I said yesterday, certainly in relation to RBS, HBOS and Lloyds, capitalisation was by the Govern...

Lord Darling of Roulanish | 480 c701 (Link to this contribution) If there is any difficulty with that, I will happily look at it, but it is our intention that the no...

George Osborne | 480 c702 (Link to this contribution) If the hon. Gentleman does not think that a regulatory system has failed when one ends up having to ...

Stephen Hesford | 480 c701 (Link to this contribution) As I have previously reminded the House, the hon. Gentleman is on record as saying that no Governmen...

Andrew Pelling | 480 c699 (Link to this contribution) I thank the Chancellor for giving way, and my question has to do with the special resolution regime....

Lord Darling of Roulanish | 480 c699-700 (Link to this contribution) The Americans have decided on an approach that is suited to the present position of American institu...

George Osborne | 480 c698 (Link to this contribution) I am grateful to the Chancellor for giving way. One area of disagreement has been about who pulls th...

Lord Darling of Roulanish | 480 c698-9 (Link to this contribution) I had rather thought that the hon. Gentleman was now not insisting on that point, but he mentioned B...

Michael Jack | 480 c697 (Link to this contribution) indicated dissent.

Lord Darling of Roulanish | 480 c697 (Link to this contribution) I am sure that that point will be raised in Committee. The conduct of banking strikes me as a very w...

Lord Darling of Roulanish | 480 c698 (Link to this contribution) I shall give way first to the shadow Chancellor, and then to the hon. Member for Croydon, Central (M...

Lord Darling of Roulanish | 480 c697-8 (Link to this contribution) The right hon. Gentleman shakes his head. Let me turn to the special resolution regime. The Bill es...

Michael Jack | 480 c697 (Link to this contribution) The Chancellor referred to the provision of information about what is going on in the banking system...

Lord Darling of Roulanish | 480 c695 (Link to this contribution) As the right hon. and learned Gentleman knows, we are proposing—I set this out yesterday—to take a s...

Gerald Howarth | 480 c695 (Link to this contribution) If that minor change is all that is needed, perhaps the Chancellor could explain to the British peop...

Lord Darling of Roulanish | 480 c695-6 (Link to this contribution) Perhaps I should have stuck to my guns and gone through the Bill. We are not just proposing that one...

Lord Darling of Roulanish | 480 c696-7 (Link to this contribution) No, I shall make some progress; otherwise it will not be fair to those who wish to speak in the deba...

Mark Lazarowicz | 480 c694 (Link to this contribution) Without the powers that the Government had from a number of directions they would not have been able...

Lord Darling of Roulanish | 480 c694 (Link to this contribution) I hope to return to it. I shall give way to my hon. Friend, not least because he is a fellow Edinbur...

Lord Clarke of Nottingham | 480 c695 (Link to this contribution) I understood and supported at the time the idea that the competition laws had to be removed, because...

Peter Bone | 480 c694 (Link to this contribution) My recollection is that, at the time, the Chancellor said that Northern Rock was unique and that no ...

Lord Darling of Roulanish | 480 c694 (Link to this contribution) The hon. Gentleman may well want to check his recollection. We would not have taken those powers if ...

Lord Darling of Roulanish | 480 c693-4 (Link to this contribution) I shall come to that in a moment, but I would just say that we took action in February. I remember t...

Lord Darling of Roulanish | 480 c693 (Link to this contribution) I can give the hon. Gentleman that undertaking. As I understand it, it has been agreed through the u...

Stewart Hosie | 480 c693 (Link to this contribution) On that point, it is probably worth clarifying that the genesis of this Bill was in the depositor pr...

Frank Dobson | 480 c693 (Link to this contribution) Which you voted against.

George Osborne | 480 c693 (Link to this contribution) Let me repeat in public what I have told the Chancellor in private—that we will do everything we can...

Lord Darling of Roulanish | 480 c692-3 (Link to this contribution) I will give way to just about everybody who asks to intervene, but I would like to make—[Interruptio...

George Osborne | 480 c710 (Link to this contribution) I am sorry that the right hon. Gentleman does not like the phrase, but it was in the Prime Minister'...

Stephen Hesford | 480 c715 (Link to this contribution) On this plan, is there not a balance to be struck, which has not so far been explained? The hon. Gen...

Vincent Cable | 480 c716-7 (Link to this contribution) The hon. Gentleman is missing the point; the whole point is that it is designed to restrain rapid le...

Angus Brendan MacNeil | 480 c717 (Link to this contribution) The hon. Gentleman mentions banks going to the wall and failing, but does he recall that Nick Leeson...

Vincent Cable | 480 c717 (Link to this contribution) When people start picking through the entrails of this crisis, it will undoubtedly emerge that there...

Lord McFall of Alcluith | 480 c710-2 (Link to this contribution) Thank you, Madam Deputy Speaker, for giving me the opportunity to contribute to the debate. I welcom...

John Redwood | 480 c712 (Link to this contribution) I am grateful to the Treasury Committee Chairman for giving way. Has his Committee considered whethe...

Lord McFall of Alcluith | 480 c712-4 (Link to this contribution) We have not specifically done so, but if the right hon. Gentleman is asking for my opinion, I do not...

Vincent Cable | 480 c714-5 (Link to this contribution) Today's debate is a little surreal. Although we are still in the middle of an enormous crisis, the B...

Vincent Cable | 480 c718 (Link to this contribution) Our view is that the sensible way to deal with such a panic would be by a common statement from the ...

George Osborne | 480 c717 (Link to this contribution) Perhaps my recollection is not accurate on this, in which case I am happy to be corrected, but did t...

Lord Clarke of Nottingham | 480 c722-3 (Link to this contribution) I refer the House to my entry in the Register of Members' Interests. As people are inclined to make ...

Vincent Cable | 480 c719 (Link to this contribution) The hon. Gentleman raises an important but different point about the social exclusion agenda and whe...

Mark Todd | 480 c719-22 (Link to this contribution) I welcome the Bill, of course, but I express the normal caution about consensual legislation. As we ...

Vincent Cable | 480 c718-9 (Link to this contribution) The hon. Gentleman is right. In normal times it would have been extraordinary and inexplicable to pr...

Gerald Howarth | 480 c719 (Link to this contribution) Are not the Government coming at the dilemma from a position that they have already declared? Their ...

Vincent Cable | 480 c718 (Link to this contribution) There was a great deal of anxiety, but there was not an enormous exodus by British retail depositors...

Lord Maples | 480 c718 (Link to this contribution) We are living in extraordinary times now, but looking forward or backwards a little, is not the prob...

George Osborne | 480 c702 (Link to this contribution) I certainly think that we need to learn the lesson that one cannot build an economy on unsustainable...

George Osborne | 480 c702-4 (Link to this contribution) Yes, I did endorse it, from this Dispatch Box. After all, not only must the Government decide how to...

Lord Bellingham | 480 c704 (Link to this contribution) Has my hon. Friend made any estimate of the chronic deficiency in money coming into the Treasury cof...

George Osborne | 480 c704-5 (Link to this contribution) My hon. Friend raises an interesting point that the House will have to deal with in the next year, w...

John Redwood | 480 c705-6 (Link to this contribution) My hon. Friend is making some very sensible observations on what a regulatory structure should do. H...

George Osborne | 480 c706 (Link to this contribution) My right hon. Friend is absolutely right; that is a key part of prevention. In a short while, I shal...

Mark Todd | 480 c706 (Link to this contribution) The previous intervention was very apposite because it referred to the private process of briefing t...

George Osborne | 480 c706 (Link to this contribution) I shall give way to the hon. Gentleman, and then move on.

George Osborne | 480 c706-8 (Link to this contribution) The hon. Gentleman is slightly confusing the attack point that he wants to make; he is roping in my ...

Baroness Kramer | 480 c708 (Link to this contribution) The shadow Chancellor keeps using the term ““independence of the Bank of England””, but surely it is...

George Osborne | 480 c708-9 (Link to this contribution) Again, I come back to the point that if the Chancellor of the Exchequer changes the target in the mi...

Baroness Kramer | 480 c708 (Link to this contribution) Do I gather that the shadow Chancellor would not support in an emergency some temporary adjustment t...

George Osborne | 480 c708 (Link to this contribution) I absolutely would not allow the Bank of England's remit to be changed in a crisis. There is no poin...

Andrew Pelling | 480 c709-10 (Link to this contribution) Is not the fact that no one was responsible for dealing with asset price inflation fundamental to th...

George Osborne | 480 c710 (Link to this contribution) The hon. Gentleman is right. We should seek to apply capital adequacy requirements in a counter-cycl...

Russell Brown | 480 c709 (Link to this contribution) The hon. Gentleman makes a plea about intervention, but could he share with the House his views on h...

George Osborne | 480 c709 (Link to this contribution) Of all the weeks to make that argument, I am not sure that this is the best one. However, I was comi...

Frank Dobson | 480 c710 (Link to this contribution) Does the hon. Gentleman think the Government should have put the money in a bank?

Lord Clarke of Nottingham | 480 c726-7 (Link to this contribution) I am sorry, but I do not have the time. Other features of the Bill prompt the question of whether t...

Mark Todd | 480 c726 (Link to this contribution) Will the right hon. and learned Gentleman give way?

John Redwood | 480 c728 (Link to this contribution) Will the right hon. Gentleman give way?

Frank Dobson | 480 c727-8 (Link to this contribution) I had better declare two interests. First, my wife and I have deposits with the Royal Bank of Scotla...

John Redwood | 480 c728 (Link to this contribution) Will the right hon. Gentleman give way?

Frank Dobson | 480 c728 (Link to this contribution) No, as I need to get on. The actions of banks, finance houses and the related organisations that pro...

Lord Clarke of Nottingham | 480 c724-5 (Link to this contribution) Two or three years ago, the Government declined all invitations to deal with the out-of-control cred...

Mark Lazarowicz | 480 c724 (Link to this contribution) Does the right hon. and learned Gentleman seriously expect the House to believe that if the Governme...

Lord Clarke of Nottingham | 480 c725-6 (Link to this contribution) Of course. The primary responsibility lies with the banks—I agree with that—but we do not leave the ...

Frank Dobson | 480 c725 (Link to this contribution) The right hon. and learned Gentleman has just said that it was first the duty of the Government to d...

Charles Walker | 480 c752-3 (Link to this contribution) Thank you for calling me, Mr. Deputy Speaker, as I have had the slow torture of being the last Back-...

Lord Darling of Roulanish | 480 c694-5 (Link to this contribution) My hon. Friend will recall that the decision to merge was taken by the boards of HBOS and Lloyds TSB...

George Osborne | 480 c693 (Link to this contribution) The point that I made was that it would have been good to have the present Bill a bit earlier, so th...

Lord Maples | 480 c741 (Link to this contribution) No, I shall not give way; I want to finish my remarks now. The Prime Minister tends to seek refuge ...

Stewart Hosie | 480 c741-5 (Link to this contribution) It is a pleasure to follow the hon. Member for Stratford-on-Avon (Mr. Maples). I have heard him make...

Charles Walker | 480 c702 (Link to this contribution) Does my hon. Friend not agree that it was crazy for the Financial Services Authority and the Bank of...

Lord Darling of Roulanish | 480 c694 (Link to this contribution) I shall take one intervention, then I would quite like to get to clause 1 before the day is out.

Brian H Donohoe | 480 c702 (Link to this contribution) Did the shadow Chancellor endorse yesterday's £37 billion intervention, or did he not?

George Osborne | 480 c701 (Link to this contribution) Yesterday, of course, we discussed the massive bail-out needed to deal with the near-collapse of the...

Stewart Hosie | 480 c718 (Link to this contribution) The hon. Gentleman said the statement was not needed and there was not panic, but people were moving...

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