Parliamentary search - Financial Services Bill

Type

Parliamentary proceeding

Reference

718 c502-38, 538-56

Session

2009-10

Department

Treasury

Legislative stage

Committee stage

Procedure

New clauses

Chamber / Committee

House of Lords chamber

Financial Services Bill. Brought from the Commons. Explanatory Notes HL Bill 26-EN also published.
Tuesday, 26 January 2010
Bills
House of Lords

Proceeding contributions

Baroness Noakes | 718 c547 (Link to this contribution) 34: Clause 5, page 4, line 9, after "Treasury" insert "and the Bank of England"

Baroness Noakes | 718 c547 (Link to this contribution) My Lords, clearly paragraph 26 will repay most careful study, which I undertake to do before returni...

Show all contributions (95)

Lord Myners | 718 c545 (Link to this contribution) I can only go over the ground that I have already covered. No one is suggesting that there are any w...

Baroness Noakes | 718 c545 (Link to this contribution) Well, My Lords, I am sorry about this. The creation of tripartite authorities gets messier and messi...

Baroness Noakes | 718 c544-5 (Link to this contribution) I am mystified by this. The Bank of England Act is not specific on this. The only broader references...

Lord Myners | 718 c547 (Link to this contribution) Amendment 33 would require the FSA to have regard to the proceedings of the Council for Financial St...

Baroness Noakes | 718 c547 (Link to this contribution) Could the Minister direct me again to the reference in Schedule 2?

Baroness Noakes | 718 c546 (Link to this contribution) My Lords, I thought that the Committee might like to move on to Clause 5. Amendment 33 is the first ...

Lord Myners | 718 c552-3 (Link to this contribution) Amendment 35A would require the FSA to issue a statement about its understanding of its financial st...

Lord Hodgson of Astley Abbotts | 718 c552 (Link to this contribution) My Lords, other noble Lords may have seen the briefing from the British Bankers’ Association that de...

Baroness Noakes | 718 c547-8 (Link to this contribution) I shall speak also to Amendment 105. Under new Section 3A(3) of FSMA, which is inserted by Clause 5(...

Lord Higgins | 718 c548 (Link to this contribution) My Lords, we seem to be getting in a position where everyone is looking for stability in the financi...

Lord Hodgson of Astley Abbotts | 718 c548-9 (Link to this contribution) My Lords, I cannot see how the Government can reasonably resist this amendment. Either we will have ...

Lord Howard of Rising | 718 c549 (Link to this contribution) My Lords, when the Minister answers, it would be helpful if he could tell us where the buck stops, a...

Lord Myners | 718 c549-50 (Link to this contribution) My Lords, Clause 5 requires the FSA to prepare a financial stability strategy and, in doing so, to c...

Baroness Noakes | 718 c550 (Link to this contribution) My Lords, I cannot leave unchallenged that this model worked very well in a crisis. We all know that...

Baroness Noakes | 718 c550-1 (Link to this contribution) 35A: Clause 5, page 4, line 10, at end insert— "( ) The FSA must issue a statement of policy about— ...

Baroness Noakes | 718 c551-2 (Link to this contribution) My Lords, Amendment 35A adds two new subsections to proposed new Section 3A of FSMA as inserted by C...

Lord Higgins | 718 c553 (Link to this contribution) I have had some difficulty because the noble Lord is reading out the answer to the questions raised ...

Baroness Noakes | 718 c555-6 (Link to this contribution) That is entirely correct and my noble friend Lord Higgins would have come to appreciate the importan...

Baroness Noakes | 718 c555 (Link to this contribution) I thank my noble friends Lord Northbrook, Lord Higgins and Lord Hodgson for their passionate observa...

Lord Myners | 718 c555 (Link to this contribution) I was helpfully trying to point out that the direction of the question asked by the noble Lord, Lord...

Lord Higgins | 718 c554 (Link to this contribution) The noble Lord’s answer was very helpful in its context, but are we to understand that the Bank of E...

Lord Myners | 718 c553-4 (Link to this contribution) I thank the noble Lord, Lord Higgins, for his intervention. My experience is that when I make up the...

Lord Northbrook | 718 c554 (Link to this contribution) One of the troubles with new Section 3A(2), to be inserted by Clause 5, is that it states: ""In cons...

Lord Howard of Rising | 718 c544 (Link to this contribution) Many people have voiced their differences on the tripartite government system, and we are all concer...

Lord Myners | 718 c544 (Link to this contribution) I thank the noble Lord, Lord Howard of Rising, for his contribution. However, I have already address...

Baroness Noakes | 718 c544 (Link to this contribution) I am a bit mystified. Which sections of any of the Bank of England Acts contain these macroeconomic ...

Lord Myners | 718 c544 (Link to this contribution) I did not say that I was referring to the Act. I said that they already take into consideration a wi...

Baroness Noakes | 718 c542 (Link to this contribution) 29: After Clause 4, insert the following new Clause— "Bank of England’s financial stability objectiv...

Baroness Noakes | 718 c541-2 (Link to this contribution) 28: After Clause 4, insert the following new Clause— "Disclosure of financial assistance to the Bank...

Lord Myners | 718 c543-4 (Link to this contribution) Amendment 29 would give the Bank of England a list of factors to which it must have regard when cons...

Baroness Noakes | 718 c542-3 (Link to this contribution) Well, my Lords, I am at a loss for words. As noble Lords will be aware, that does not very often hap...

Baroness Noakes | 718 c541 (Link to this contribution) My Lords, I thank the Minister for that response. He said that the Council for Financial Stability w...

Lord Myners | 718 c539-41 (Link to this contribution) Amendment 25 explicitly concerns information about financial assistance as defined in Section 257 of...

Lord Myners | 718 c517-8 (Link to this contribution) I am familiar with the arguments that the noble Lord reflects in his contribution, and it is correct...

Lord Lawson of Blaby | 718 c518 (Link to this contribution) It is more than 40 years since I was editor of the Spectator. Not only was there no Coffee House blo...

Lord Myners | 718 c516-7 (Link to this contribution) My Lords, I shall address the points made by the noble Lords, Lord Lawson, Lord Higgins and Lord Hod...

Lord Lawson of Blaby | 718 c517 (Link to this contribution) My Lords, I am most grateful to the Minister for giving way, I am grateful too for his conditional a...

Baroness Noakes | 718 c516 (Link to this contribution) My Lords, I spoke to the question of whether Clause 2 should stand part during our first Committee s...

Lord Higgins | 718 c516 (Link to this contribution) My Lords, I have always believed that affairs in this Chamber should be debates and not conversation...

Lord Myners | 718 c519 (Link to this contribution) I do not think it will necessarily be a matter of public record that the non-quarterly meetings have...

Lord Myners | 718 c518 (Link to this contribution) I do not want to be detained on this subject, however the beauty of the digital media is its ability...

Lord Hodgson of Astley Abbotts | 718 c518 (Link to this contribution) This is of course called the Council for Financial Stability. It is a very central matter; it is con...

Lord Myners | 718 c513 (Link to this contribution) I find it almost impossible to envisage a situation in which that might be contemplated. However, if...

Baroness Noakes | 718 c513 (Link to this contribution) I do not know about that. Could I explore this difference between the quarterly and monthly meetings...

Lord Myners | 718 c513-4 (Link to this contribution) The Council for Financial Stability has had two meetings in shadow form. One was a quarterly strateg...

Lord Myners | 718 c512-3 (Link to this contribution) Amendment 19 would require any additional meetings of the council beyond the quarterly ones to be co...

Lord Howard of Rising | 718 c513 (Link to this contribution) My Lord, the noble Lord finished his remarks by saying that it would be a contribution to transparen...

Baroness Noakes | 718 c514 (Link to this contribution) My Lords, I am sure that that is now as clear as mud for everybody. I thank my noble friends Lord No...

Lord Myners | 718 c514 (Link to this contribution) I did not say—and would not have wanted to have said—that the monthly meetings are operational. I sa...

Baroness Noakes | 718 c514-5 (Link to this contribution) My Lords, I did not intend to say that the body was executive. We flogged that one to death on the f...

Lord Lawson of Blaby | 718 c515-6 (Link to this contribution) My Lords, I shall be very brief. I intervene particularly because I wish to apologise to the House. ...

Baroness Noakes | 718 c519 (Link to this contribution) 22: Clause 3, page 2, line 41, leave out "Treasury" and insert "Council"

Baroness Noakes | 718 c519-20 (Link to this contribution) My Lords, I shall speak also to Amendment 23. We have now reached Clause 3, which deals with an annu...

Lord Howard of Rising | 718 c520 (Link to this contribution) In supporting my noble friend’s amendment, I would point out to the Minister that if the council rep...

Lord Myners | 718 c520-1 (Link to this contribution) In refining the tripartite through the Council for Financial Stability, the Government are keen to i...

Lord Northbrook | 718 c521 (Link to this contribution) My Lords, it is a fairly weak sanction in Clause 2(3). It states: ""Where the Treasury prepares a dr...

Lord Myners | 718 c521-2 (Link to this contribution) I can only repeat to the noble Lord, Lord Northbrook, what the noble Baroness has been saying: there...

Baroness Noakes | 718 c522 (Link to this contribution) My Lords, the Minister gets ever more ingenious in his defence of the nonsense that is in the Bill. ...

Baroness Noakes | 718 c522 (Link to this contribution) 24: Clause 3, page 3, line 9, at end insert "or market sensitive" Amendment 24 agreed. House resum...

Baroness Noakes | 718 c538-9 (Link to this contribution) 25: Clause 3, page 3, line 14, at end insert— "( ) Where a matter has been omitted from either the a...

Baroness Noakes | 718 c539 (Link to this contribution) My Lords, in moving Amendment 25, I will speak also to Amendment 28. Amendment 25 adds a new subsect...

Baroness Noakes | 718 c504-5 (Link to this contribution) Amendment 15 inserts a new subsection into Clause 2. This amendment also concerns the minutes of the...

Baroness Noakes | 718 c504 (Link to this contribution) 15: Clause 2, page 2, line 25, at end insert— "( ) The minutes shall record the views of each of the...

Baroness Noakes | 718 c503 (Link to this contribution) That seems extraordinary—that the Bank of England being in one building somehow makes a difference i...

Lord Davies of Oldham | 718 c503 (Link to this contribution) The difference is that the Bank of England is one entity in one building. The council meetings compr...

Baroness Noakes | 718 c503 (Link to this contribution) The Minister has failed to explain why a period of one month is reasonable when the Bank of England ...

Lord Davies of Oldham | 718 c503 (Link to this contribution) I share the view that it is important that there is the discipline and predictability of a deadline ...

Baroness Noakes | 718 c502-3 (Link to this contribution) My Lords, Amendment 14 amends Clause 2(4). I remind noble Lords that Clause 2 concerns the Council f...

Baroness Noakes | 718 c502 (Link to this contribution) 14: Clause 2, page 2, line 25, at end insert "within 14 days of the date of the meeting"

Baroness Noakes | 718 c511-2 (Link to this contribution) My Lords, Amendment 19 would amend Clause 2(6). Subsection (6) allows for the Council for Financial ...

Baroness Noakes | 718 c511 (Link to this contribution) 19: Clause 2, page 2, line 34, at end insert "and must publish minutes of these meetings"

Baroness Noakes | 718 c511 (Link to this contribution) My Lords, I think that I accept the Minister’s point; we would not want a drip-feeding of bits of mi...

Lord Myners | 718 c510-1 (Link to this contribution) My Lords, the noble Baroness has taken notice of the comments of the noble Lord, Lord Stewartby, and...

Lord Northbrook | 718 c512 (Link to this contribution) My Lords, I support my noble friend’s Amendment 19. It is important that if there are emergency meet...

Baroness Noakes | 718 c508-9 (Link to this contribution) My Lords, I shall move Amendment 16 and speak to Amendments 18 and 24 which amend Clauses 2 and 3. T...

Baroness Noakes | 718 c510 (Link to this contribution) My Lords, Amendment 17 would amend Clause 2(5) so that minutes of the Council for Financial Stabilit...

Baroness Noakes | 718 c510 (Link to this contribution) 17: Clause 2, page 2, line 33, at end insert— "for as long as the conditions in these paragraphs are...

Baroness Noakes | 718 c510 (Link to this contribution) My Lords, we appear to be back to the phenomenon we experienced on our previous Committee day when t...

Lord Davies of Oldham | 718 c509-10 (Link to this contribution) My Lords, the noble Baroness has made a good case for Amendments 16 and 24, and I propose to accept ...

Lord Higgins | 718 c507 (Link to this contribution) My Lords, can the noble Lord clarify the point that I raised? Will the minutes record only what the ...

Lord Davies of Oldham | 718 c506-7 (Link to this contribution) My Lords, it goes without saying that I have some sympathy with that view but I imagine that I will ...

Baroness Noakes | 718 c507-8 (Link to this contribution) My Lords, I start by thanking my noble friends Lord Hodgson, Lord Stewartby and Lord Higgins for the...

Lord Davies of Oldham | 718 c507 (Link to this contribution) I am sorry that I did not comment directly on the point that the noble Lord raised. That was possibl...

Baroness Noakes | 718 c508 (Link to this contribution) 16: Clause 2, page 2, line 28, at end insert "or market sensitive"

Lord Stewartby | 718 c505 (Link to this contribution) My Lords, I, too, shall be brief but I should like to raise a general point. These procedures do not...

Lord Hodgson of Astley Abbotts | 718 c505 (Link to this contribution) I rise briefly to support my noble friend. In our debate on the previous day in Committee we focused...

Lord Newby | 718 c506 (Link to this contribution) My Lords, when I first saw this amendment, my inclination was to suggest to the noble Baroness that ...

Lord Higgins | 718 c505-6 (Link to this contribution) My Lords, I am somewhat puzzled by the structure of this clause. My noble friend—rightly, in my view...

Lord Myners | 718 c554 (Link to this contribution) With the agreement of the noble Lord, Lord Northbrook, I will first answer the question asked by the...

Lord Myners | 718 c547 (Link to this contribution) I referred the noble Baroness to paragraph 26 of Schedule 2 to the Bill.

Baroness Noakes | 718 c546 (Link to this contribution) 33: Clause 5, page 4, line 8, at end insert— "( ) proceedings of the Council for Financial Stability...

Lord Hodgson of Astley Abbotts | 718 c516 (Link to this contribution) My Lords, when the Minister reflects on our debates on this clause and on the official and unofficia...

Lord Howard of Rising | 718 c513 (Link to this contribution) I am not sure that that is correct. I believe the noble Lord has led a very sheltered life.

Subjects

Disclosure of information

Codes of practice

Banks

Bank of England

Financial services

Government assistance

Financial Services Authority

Financial markets

Economic situation

Loans

Meetings

Regulation

Treasury

Council for Financial Stability

Legislation

Financial Services Bill 2009-10

Link

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