Credit Institutions and Investment Firms

Debate on Tuesday, 8 November 2011, in the House of Commons, led by Mark Hoban. The answering member was Chris Leslie.

Debate on a motion that this House considers that the draft Regulation on prudential requirements for credit institutions and investment firms (European Union Document No. 13284/11 and Addenda 1-4) does not comply with the principle of subsidiarity for the reasons set out in the Annex to Chapter 1 of the Forty-second Report of the European Scrutiny Committee (HC 428-xxxvii); and in accordance with Article 6 of the Protocol on the application of the principles of subsidiarity and proportionality, instructs the Clerk of the House to forward this reasoned opinion to the presidents of the European institutions. Agreed on question.

Type

Parliamentary proceeding

Reference

535 c196-212

Session

2010-12

Department

Treasury

Chamber / Committee

House of Commons chamber

European Scrutiny Committee. Forty-second report, with formal minutes of proceedings.
Wednesday, 12 October 2011
Parliamentary committees
House of Commons

Proceeding contributions

Harriett Baldwin | 535 c208 (Link to this contribution) Indeed, and to continue with my example, the US Federal Reserve is very much a system made up of ind...

Mark Hoban | 535 c196-9 (Link to this contribution) I am indeed aware of that and I think it is a good thing. Although my hon. Friends and I see eye to ...

Show all contributions (36)

Graham Stringer | 535 c200 (Link to this contribution) Does my hon. Friend agree that the Commission almost certainly knows that it would not be better at ...

Chris Leslie | 535 c199-200 (Link to this contribution) Which proves the point that we need to ensure that we negotiate firmly. The motion before us is wor...

Mark Hoban | 535 c199 (Link to this contribution) The regulation and the directive would come in through QMV.

Mark Hoban | 535 c196 (Link to this contribution) I beg to move,"That this House considers that the draft Regulation on prudential requirements for cr...

Chris Leslie | 535 c202 (Link to this contribution) I am simply highlighting the anxieties felt across the City, the financial service sector and by man...

William Cash | 535 c202-4 (Link to this contribution) Before I go into the question of subsidiarity, I want to raise some matters that relate to what the ...

Graham Stringer | 535 c204 (Link to this contribution) The hon. Gentleman is making the powerful case, with which I agree, that this is malevolent legislat...

William Cash | 535 c205-6 (Link to this contribution) It has been declining, and that is another reason for concern, but the latest figure is something of...

Jacob Rees-Mogg | 535 c209-10 (Link to this contribution) It is a pleasure to follow my hon. Friend the Member for West Worcestershire (Harriett Baldwin). I a...

Harriett Baldwin | 535 c209 (Link to this contribution) I can see that if I carry on giving examples, I will only encourage my hon. Friend to find more pass...

William Cash | 535 c209 (Link to this contribution) To give another example, article 218 refers—incomprehensibly—to the so-called financial collateral c...

William Cash | 535 c208 (Link to this contribution) I am fascinated by my hon. Friend's line of argument, because she has raised the question of commerc...

Mark Hoban | 535 c212 (Link to this contribution) The hon. Gentleman has just recommended such a proliferation of bodies—with this co-ordinating secre...

William Cash | 535 c199 (Link to this contribution) The hon. Gentleman acknowledges, I am sure, that the real reason why we are in the situation we are ...

Chris Leslie | 535 c199 (Link to this contribution) The hon. Gentleman's work on the European Scrutiny Committee has been useful in respect of the propo...

Chris Leslie | 535 c199 (Link to this contribution) The capital requirements directives have sought to translate the proposals of the Basel Committee on...

William Cash | 535 c196 (Link to this contribution) My hon. Friend would need to be only half a minute in for the point that I am about to make. There a...

Kelvin Hopkins | 535 c200 (Link to this contribution) Is it possible that those banks that seem to favour harmonisation think that they might have an easi...

Chris Leslie | 535 c200 (Link to this contribution) It is difficult to ascribe motives to the Commission in all circumstances. My hon. Friend may well b...

Mark Hoban | 535 c196 (Link to this contribution) I am one minute in to my speech and my hon. Friend wishes to intervene. I am happy to give way.

William Cash | 535 c196 (Link to this contribution) Will my hon. Friend give way?

William Cash | 535 c201-2 (Link to this contribution) The shadow Minister is perhaps being rather disingenuous when he says that the Minister may have tim...

Chris Leslie | 535 c200-1 (Link to this contribution) My hon. Friend may well be correct. ““Who knows?”” is the ultimate question, but his cynicism has be...

Jacob Rees-Mogg | 535 c202 (Link to this contribution) I am very grateful to the hon. Gentleman for allowing me to interrupt his characteristically thought...

Chris Leslie | 535 c202 (Link to this contribution) I do not think it is wrong to try to have some level of co-ordination on financial services regulati...

William Cash | 535 c204-5 (Link to this contribution) I very much agree with the hon. Gentleman. The more I have heard from him over the past few years, t...

Andrew Turner | 535 c205 (Link to this contribution) Could my hon. Friend help by reminding me how much is owed to the City of London as a proportion of ...

Harriett Baldwin | 535 c209 (Link to this contribution) What adds to the power of the hon. Gentleman's argument is the fact that this week, of all weeks, we...

Lord Dodds of Duncairn | 535 c209 (Link to this contribution) The hon. Lady makes powerful points on subsidiarity. We have had some fun at the expense of the docu...

Harriett Baldwin | 535 c208 (Link to this contribution) I shall be brief in following my hon. Friend the Member for Stone (Mr Cash) and in supporting the re...

Kelvin Hopkins | 535 c206 (Link to this contribution) I suggested yesterday in European Committee A that, as the hon. Gentleman suggests, subsidiarity has...

William Cash | 535 c206-8 (Link to this contribution) I very much agree. All that I can say is that on this occasion, there will be a very good test of wh...

Mark Hoban | 535 c210-1 (Link to this contribution) This has been a helpful and thoughtful debate, and it will give the Government immense support in ma...

Chris Leslie | 535 c211-2 (Link to this contribution) What is the Financial Secretary's assessment of the British Bankers Association's suggestion for a p...

EC documents

13284/2011

Subjects

Accountancy

Credit

Investment

Financial services

EU action

Regulation

Subsidiarity

Link

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