I shall speak also to Amendments 123 and 124. Amendment 122 seeks to remove Clause 75(3). That subsection allows retrospective alteration to the law. Retrospective legislation is undesirable at the best of times, but in this instance there are practical reasons as well as constitutional ones. Much has already been...

I shall speak also to Amendments 123 and 124. Amendment 122 seeks to remove Clause 75(3). That subsection allows retrospective alteration to the law. Retrospective legislation is undesirable at the best of times, but in this instance there are practical reasons as well as constitutional ones. Much has already been...

With pleasure, I agree with the noble Lord. It is important to link the use of this power with the Bill’s objectives. However, I do not take the view that a change of drafting along the lines suggested by his amendment is required. First, in using or considering the use...

With pleasure, I agree with the noble Lord. It is important to link the use of this power with the Bill’s objectives. However, I do not take the view that a change of drafting along the lines suggested by his amendment is required. First, in using or considering the use...

I thank the Minister for his remarks. If he agrees with me, then why not draft the Bill so that what it says is in line with the objectives? Support for the objectives should be as the Bill says, and the Government should not use it, as they so often...

I thank the Minister for his remarks. If he agrees with me, then why not draft the Bill so that what it says is in line with the objectives? Support for the objectives should be as the Bill says, and the Government should not use it, as they so often...

Amendment 122 122: Clause 75, page 38, line 23, leave out subsection (3)

Amendment 122 122: Clause 75, page 38, line 23, leave out subsection (3)

I am a member of the Delegated Powers and Regulatory Reform Committee and I wish to ask the Minister a rather technical question. The committee’s report on the Banking Bill was published on 18 December. I think it would be normal for it to expect a written reply but, so...

I am a member of the Delegated Powers and Regulatory Reform Committee and I wish to ask the Minister a rather technical question. The committee’s report on the Banking Bill was published on 18 December. I think it would be normal for it to expect a written reply but, so...

If there has been a failure of procedure, I apologise. If a letter is customary and was expected by the committee, I shall take whatever steps are necessary to ensure that it is sent. I am not sure how much longer I can use the excuse that I am new...

If there has been a failure of procedure, I apologise. If a letter is customary and was expected by the committee, I shall take whatever steps are necessary to ensure that it is sent. I am not sure how much longer I can use the excuse that I am new...

Of course, procedure is extremely important and my noble friend was right to ask the Minister when the Delegated Powers Committee may expect a reply from the Government. However, I am much more concerned about the substance. It is customary for the Government to take very seriously the recommendations of...

Of course, procedure is extremely important and my noble friend was right to ask the Minister when the Delegated Powers Committee may expect a reply from the Government. However, I am much more concerned about the substance. It is customary for the Government to take very seriously the recommendations of...

Clause 75: Power to change law Amendment 121 121: Clause 75, page 38, line 17, leave out ““having regard to”” and insert ““in order to achieve one or more of””

Clause 75: Power to change law Amendment 121 121: Clause 75, page 38, line 17, leave out ““having regard to”” and insert ““in order to achieve one or more of””

I take account of the noble Lord’s observation, but it is our view that it would be inappropriate for the affirmative procedure to apply, for the reasons that I have given.

I take account of the noble Lord’s observation, but it is our view that it would be inappropriate for the affirmative procedure to apply, for the reasons that I have given.

I gave the Minister two metaphors. I talked about a medieval monarch and I said Alice in Wonderland. I was referring to ““when I say what a word means, it means what I say””. We have Ministers who will apparently say: ““When I say what a law is, that is...

I gave the Minister two metaphors. I talked about a medieval monarch and I said Alice in Wonderland. I was referring to ““when I say what a word means, it means what I say””. We have Ministers who will apparently say: ““When I say what a law is, that is...

Yes, but the noble Lord did not say ““monarch””; he said ““king””. He then went on to describe Alice.

Yes, but the noble Lord did not say ““monarch””; he said ““king””. He then went on to describe Alice.

I never worry much about what other countries might do. The important thing is what the Bill is about: UK financial stability. The Minister answered in respect of the FSCS for foreign branches, but not in relation to the whole range of things. This issue may be less important in...

I never worry much about what other countries might do. The important thing is what the Bill is about: UK financial stability. The Minister answered in respect of the FSCS for foreign branches, but not in relation to the whole range of things. This issue may be less important in...

Clause 93: Grounds for applying Amendment 129 129: Clause 93, page 46, line 37, leave out ““or”” and insert ““and””

Clause 93: Grounds for applying Amendment 129 129: Clause 93, page 46, line 37, leave out ““or”” and insert ““and””

Before I do so, the Minister said that he assumed that I was talking about EEA banks. The definition in proposed subsection (2) of my amendment refers both to EEA banks and treaty banks, and is therefore not simply confined to the EEA. The Minister’s response was mainly in the...

Before I do so, the Minister said that he assumed that I was talking about EEA banks. The definition in proposed subsection (2) of my amendment refers both to EEA banks and treaty banks, and is therefore not simply confined to the EEA. The Minister’s response was mainly in the...

Although I referred at some length to EEA branches, which is an area of particular concern given the experience both of the Icelandic banks and of some of the Irish banks, I made it clear that arrangements existed in the Financial Services Compensation Scheme for non-EEA banks operating in the...

Although I referred at some length to EEA branches, which is an area of particular concern given the experience both of the Icelandic banks and of some of the Irish banks, I made it clear that arrangements existed in the Financial Services Compensation Scheme for non-EEA banks operating in the...

We are now moving to much less exciting territory. Amendment 128 would insert a new clause after Clause 86 to deal with foreign bank branches. We started our Committee consideration on the first day with a group of amendments where I sought to introduce asset-freezing provisions such as were used...

We are now moving to much less exciting territory. Amendment 128 would insert a new clause after Clause 86 to deal with foreign bank branches. We started our Committee consideration on the first day with a group of amendments where I sought to introduce asset-freezing provisions such as were used...

The purpose of Amendment 128 is to apply the special resolution regime to foreign banks. As in our earlier debate on foreign banks, for the purposes of this debate, a foreign bank is one incorporated under the law of another jurisdiction but which operates in the UK through branches established...

The purpose of Amendment 128 is to apply the special resolution regime to foreign banks. As in our earlier debate on foreign banks, for the purposes of this debate, a foreign bank is one incorporated under the law of another jurisdiction but which operates in the UK through branches established...

As the noble Baroness will see, Clause 90(8) states: "““The expression ‘fair’ is used in this Part as a shorter modern equivalent of the expression ‘just and equitable’””." We are not making a change of any significance and our use of the term ““fair”” is the same as the use...

As the noble Baroness will see, Clause 90(8) states: "““The expression ‘fair’ is used in this Part as a shorter modern equivalent of the expression ‘just and equitable’””." We are not making a change of any significance and our use of the term ““fair”” is the same as the use...

I thank the Minister for that response. Perhaps I may check one point. Is he saying that the Government have decided not to use the phrase ““just and equitable””, which is used in insolvency powers generally—the Minister mentioned the Financial Services and Markets Act 2000, but it is used in...

I thank the Minister for that response. Perhaps I may check one point. Is he saying that the Government have decided not to use the phrase ““just and equitable””, which is used in insolvency powers generally—the Minister mentioned the Financial Services and Markets Act 2000, but it is used in...

I am grateful to the noble Baroness for welcoming the fact that we have moved on to the next part of the Bill. At one stage, I began to think that we might not make that this evening. I am pleased to reply to her amendment. Clause 94 sets out...

I am grateful to the noble Baroness for welcoming the fact that we have moved on to the next part of the Bill. At one stage, I began to think that we might not make that this evening. I am pleased to reply to her amendment. Clause 94 sets out...