Banking Bill. Programme motion (No 2) on proceedings on report. Agreed to on question. Report stage debate. New clause 11, discussed with new clause 6, debated and agreed to. New clause 12, discussed with new clauses 13, 8, 9, 10, debated and agreed to. New clause 13 agreed to. New clause 1, discussed with new clause 2, debated and withdrawn. New clause 3, discussed with new clauses 4 and 5, debated and negatived on division (171 votes to 264). New clause 7 read the first time only. Further amendments agreed to. Third reading order read. Bill to be read a third time 1 December.
Banking Bill
Type
Parliamentary proceeding
Reference
483 c797-854
Session
2007-08
Legislative stage
Report stage
Chamber / Committee
House of Commons chamber
Banking Bill. As amended in Public Bill Committee. (vote).
Tuesday, 18 November 2008
Bills
House of Commons
Tuesday, 18 November 2008
Bills
House of Commons
Proceeding contributions
Speaker | 483 c798-9 (Link to this contribution)
With this it will be convenient to discuss the following: new clause 6— Contingency funding: power t...
Ian Pearson | 483 c798 (Link to this contribution)
I beg to move, That the clause be read a Second time.
Show all contributions (75)
Speaker | 483 c798 (Link to this contribution)
Order. Will Members who do not wish to stay for the debate please leave the Chamber as quickly and q...
Ian Pearson | 483 c807-8 (Link to this contribution)
I will check the record. The general public will not consider it unreasonable to take a power to all...
Mark Hoban | 483 c807 (Link to this contribution)
I did not say that.
Ian Pearson | 483 c806-7 (Link to this contribution)
I do not think that the hon. Gentleman's new clause makes that particularly clear. He is referring t...
Mark Hoban | 483 c806 (Link to this contribution)
One of the objectives of that regime is the protection of depositors. In justifying any need for a p...
Ian Pearson | 483 c805-6 (Link to this contribution)
Let me start by addressing new clause 6, tabled by the hon. Member for Fareham (Mr. Hoban), which wo...
Colin Breed | 483 c804-5 (Link to this contribution)
May I say a few words about the compensation scheme? The essence of any such scheme is the confidenc...
Mark Hoban | 483 c802-4 (Link to this contribution)
The hon. Gentleman makes an important point. In the wider debate on the pre-funded scheme, the Build...
Mark Todd | 483 c801-2 (Link to this contribution)
I am sure that the hon. Gentleman would agree that our debate in Committee focused on two issues: th...
Mark Hoban | 483 c801 (Link to this contribution)
Let me deal first the Government's new clause and amendments. I am sure that my hon. Friend the Memb...
Ian Pearson | 483 c799-800 (Link to this contribution)
This first group of new clauses and amendments covers a wide range of subjects. I propose, with your...
Ian Pearson | 483 c808 (Link to this contribution)
I fully understand the hon. Gentleman's wider point. He is suggesting that some depositors might hav...
Mark Todd | 483 c808 (Link to this contribution)
On that point, it was established in Committee that in all cases of deposits, we need absolute clari...
Ian Pearson | 483 c808-9 (Link to this contribution)
My hon. Friend is exactly right that the FSA is consulting on many the relevant issues, but it is no...
Mark Hoban | 483 c809 (Link to this contribution)
Amendment No. 14 reflects that point by stating ““may require”” rather than ““must””. Nevertheless, ...
Ian Pearson | 483 c809 (Link to this contribution)
I entirely agree with the intention to protect the use of FSCS funds, and that intention is behind s...
Ian Pearson | 483 c810 (Link to this contribution)
I beg to move, That the clause be read a Second time.
Speaker | 483 c810-1 (Link to this contribution)
With this it will be convenient to discuss the following: Government new clause 13— Special resoluti...
Ian Pearson | 483 c811-2 (Link to this contribution)
As with the previous group, I should like to begin my remarks by addressing the Government new claus...
Mark Hoban | 483 c812-4 (Link to this contribution)
I shall deal first with the new clauses and amendments proposed by the Economic Secretary. He is rig...
Adrian Bailey | 483 c830-1 (Link to this contribution)
I support the measure proposed by my hon. Friend the Member for North-West Leicestershire (David Tay...
Ian Pearson | 483 c831-2 (Link to this contribution)
My hon. Friend the Member for Leyton and Wanstead (Harry Cohen) has raised an important subject of s...
Peter Bone | 483 c832 (Link to this contribution)
Will the Minister say where the restrictions on the three banks that have participated in recapitali...
Ian Pearson | 483 c832 (Link to this contribution)
I was about to address that point and respond to the hon. Gentleman's contribution. The conditions o...
David Leslie Taylor | 483 c826-7 (Link to this contribution)
I speak in support of new clause 2, which I tabled, on the reversion of rescued former building soci...
Peter Bone | 483 c826 (Link to this contribution)
I am grateful for that assurance, but if he made his points now, I could contradict what he said. I ...
David Leslie Taylor | 483 c828-30 (Link to this contribution)
I shall be coming to that point, but my hon. Friend has identified a good and close parallel.
To pa...
Diane Abbott | 483 c828 (Link to this contribution)
Does my hon. Friend agree that there is an interesting parallel with the situation in the US, where ...
David Leslie Taylor | 483 c830 (Link to this contribution)
Of course. I have opened accounts in building societies and in credit unions, too, so I am consisten...
Bob Spink | 483 c830 (Link to this contribution)
I could not allow the hon. Gentleman's contribution to pass without asking him why he does not shift...
Harry Cohen | 483 c824-5 (Link to this contribution)
That is absolutely right. I agree that the bonus culture must be tackled effectively now. There is e...
Peter Bone | 483 c825-6 (Link to this contribution)
It is a great pleasure to follow the hon. Member for Leyton and Wanstead (Harry Cohen). He made his ...
Harry Cohen | 483 c823-4 (Link to this contribution)
That is not in my amendment, because my amendment relates to rescued banks. However, we have still g...
Diane Abbott | 483 c824 (Link to this contribution)
Even if hon. Members do not agree that bonuses are wrong in principle, they must surely agree that t...
Ian Pearson | 483 c826 (Link to this contribution)
I shall address the hon. Gentleman's points in a few moments.
Ian Pearson | 483 c819-20 (Link to this contribution)
We have always been clear, throughout the various stages of the Bill, about what the threshold condi...
Peter Bone | 483 c823 (Link to this contribution)
I can see the logic of the hon. Gentleman's opening arguments, because it is normal, when one invest...
Harry Cohen | 483 c822-3 (Link to this contribution)
I thank Mr. Speaker for selecting this new clause.
A lot has happened in a short period in relation...
Speaker | 483 c821-2 (Link to this contribution)
With this it will be convenient to discuss new clause 2—Reversion of rescued former building societi...
Harry Cohen | 483 c821 (Link to this contribution)
I beg to move, That the clause be read a Second time.
Ian Pearson | 483 c818-9 (Link to this contribution)
Certainly that is my understanding of how the arrangement would work in normal circumstances, and if...
Mark Hoban | 483 c819 (Link to this contribution)
The Minister cites fraud as an example of an area where the threshold conditions could be breached a...
Ian Pearson | 483 c816-7 (Link to this contribution)
In new clause 8, the hon. Member for Fareham (Mr. Hoban) seeks to establish a statutory basis for th...
Mark Hoban | 483 c817 (Link to this contribution)
Who will decide how to deal with the depositors in a failed bank? In the Bradford & Bingley case, it...
Ian Pearson | 483 c817 (Link to this contribution)
We explained at length in Committee how the system works in terms of the responsibilities of the aut...
Mark Hoban | 483 c817 (Link to this contribution)
To be absolutely clear, is the Minister saying that the Bank of England takes the lead in deciding w...
Mark Hoban | 483 c814 (Link to this contribution)
The hon. Gentleman makes a valid point. The search for a potential private sector solution to Northe...
Stewart Hosie | 483 c814 (Link to this contribution)
I understand why the hon. Gentleman wants an order of precedence. On balance I am broadly supportive...
Mark Hoban | 483 c814-6 (Link to this contribution)
That is absolutely right. It might be possible to hold a bank in its entirety in the bridge bank mec...
Mark Hoban | 483 c844 (Link to this contribution)
I am pleased that so many people are interested in the debate on new clause 7, which would add a fur...
Speaker | 483 c844 (Link to this contribution)
Order. Conversations are breaking out throughout the Chamber. Perhaps hon. Members who do not want t...
Mark Hoban | 483 c844-5 (Link to this contribution)
Thank you, Mr. Deputy Speaker. As I was saying, the Bill sets up the financial stability committee o...
Speaker | 483 c844 (Link to this contribution)
With this it will be convenient to discuss the following:
Amendment No. 6, in clause 5, page 4, lin...
Mark Hoban | 483 c844 (Link to this contribution)
I beg to move, That the clause be read a Second time.
Ian Pearson | 483 c836-9 (Link to this contribution)
The hon. Member for South-West Hertfordshire (Mr. Gauke) seeks in new clause 3 to impose a requireme...
Lord Cormack | 483 c839 (Link to this contribution)
The hon. Gentleman is a very mild-mannered man, and I am sure he would never wish to be dictatorial ...
Ian Pearson | 483 c839-40 (Link to this contribution)
I understand that the hon. Gentleman takes a very close interest in how Parliament works, its tradit...
David Gauke | 483 c840 (Link to this contribution)
I am grateful to the Minister for his remarks. He has tried to be helpful throughout, which, as he m...
Harry Cohen | 483 c834 (Link to this contribution)
I am not going to press my new clause to a Division. [Hon. Members: ““Go on!””] I hear what the Hous...
Speaker | 483 c835 (Link to this contribution)
With this it will be convenient to discuss the following: new clause 4—Exemption of bank directors f...
David Gauke | 483 c835-6 (Link to this contribution)
I draw the attention of the House to my entry in the Register of Members' Interests.
The amendments...
Ian Pearson | 483 c834 (Link to this contribution)
If the hon. Gentleman allows me, I shall make some progress. I want to move on to new clause 2, whic...
Lord Cormack | 483 c834 (Link to this contribution)
Will the Minister give way?
Ian Pearson | 483 c833-4 (Link to this contribution)
Barclays, of course, is not one of the banks to have taken advantage of the recapitalisation scheme....
Ian Pearson | 483 c833 (Link to this contribution)
I shall give way, but I shall then make progress and move on to new clause 2.
Harry Cohen | 483 c833 (Link to this contribution)
I am grateful to the Minister for giving way. I heard what he said about the banks that are not in t...
Ian Pearson | 483 c833 (Link to this contribution)
I say clearly to my hon. Friend that we are continuing the dialogue with the banks in which we have ...
Ian Pearson | 483 c833 (Link to this contribution)
Directors of the recapitalised banks are very much in the public eye and will continue to be so for ...
Diane Abbott | 483 c833 (Link to this contribution)
My hon. Friend the Minister says that he sees no reason why the conditionality that the Government h...
Colin Breed | 483 c814 (Link to this contribution)
I broadly support the hon. Gentleman's view, but I have some reservations about the timing. However,...
David Gauke | 483 c835 (Link to this contribution)
I beg to move, That the clause be read a Second time.
John McDonnell | 483 c833 (Link to this contribution)
There is an element of incredulity about the Minister's statement. Can we just be clear? The Governm...
Mark Hoban | 483 c808 (Link to this contribution)
Does the Minister take on board my wider point that depositors with those branches depend in part on...
Subjects
Librarians' tools
Timestamp
2024-02-08 18:07:36 +0000
URI
http://data.parliament.uk/pimsdata/hansard/PROCEEDING_74018
In Indexing
http://indexing.parliament.uk/Content/Edit/1?uri=http://data.parliament.uk/pimsdata/hansard/PROCEEDING_74018
In Solr
https://search.parliament.uk/claw/solr/?id=http://data.parliament.uk/pimsdata/hansard/PROCEEDING_74018