To ask Her Majesty's Government what assessment they have made of the impact on financial stability of the growth of leveraged corporate debt with weak lending covenants; what assessment they have made of any parallels with the situation before the global financial crisis; and what steps they intend to take...

To ask Her Majesty's Government what assessment they have made of the impact on financial stability of the growth of leveraged corporate debt with weak lending covenants; what assessment they have made of any parallels with the situation before the global financial crisis; and what steps they intend to take...

To ask Her Majesty’s Government whether they plan to require public company shareholders to contract-in in respect of donations to political parties made by such companies.[HL1619]

To ask Her Majesty’s Government whether they plan to require public company shareholders to contract-in in respect of donations to political parties made by such companies.[HL1619]

To ask Her Majesty’s Government, further to the announcement in March by the Office of Fair Trading that it was looking into aspects of investment banking, when they expect a report to be published.

To ask Her Majesty’s Government, further to the announcement in March by the Office of Fair Trading that it was looking into aspects of investment banking, when they expect a report to be published.

To ask Her Majesty’s Government what action they intend to take in response to the report of the Institutional Investor Council on the process and cost of equity capital raising.

To ask Her Majesty’s Government what action they intend to take in response to the report of the Institutional Investor Council on the process and cost of equity capital raising.

To ask Her Majesty’s Government how the Bank of England will assess the economic impact of its Secure Commercial Paper Facilities.

To ask Her Majesty’s Government how the Bank of England will assess the economic impact of its Secure Commercial Paper Facilities.

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...

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.

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...

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...

The noble Baroness has called a debate on the purpose of Clauses 72 and 73. It may be helpful if I set out the purpose of these clauses as seen by the Government. They relate to share transfer orders and instruments and property transfer instruments; that is to say, the...

The noble Baroness has called a debate on the purpose of Clauses 72 and 73. It may be helpful if I set out the purpose of these clauses as seen by the Government. They relate to share transfer orders and instruments and property transfer instruments; that is to say, the...

I thank the noble Baroness for the clarity of her explanation. I shall seek to avoid using the term ““flexibility””, at least on this clause, although as a concept it has considerable merit when anticipating the extraordinary circumstances to which this legislation is relevant. However, I shall subserviate the term,...

I thank the noble Baroness for the clarity of her explanation. I shall seek to avoid using the term ““flexibility””, at least on this clause, although as a concept it has considerable merit when anticipating the extraordinary circumstances to which this legislation is relevant. However, I shall subserviate the term,...

My interpretation is that Clause 64(3)(a) relates to the core provision of continuity. Any other provisions going beyond that would be on an arm's-length basis. That is to say that there are certain issues where the transferee bank would absolutely require a continued service from another group company as part...

My interpretation is that Clause 64(3)(a) relates to the core provision of continuity. Any other provisions going beyond that would be on an arm's-length basis. That is to say that there are certain issues where the transferee bank would absolutely require a continued service from another group company as part...

It is worth bearing in mind that the bank described as the residual bank is part of a failed organisation. When we talk about the fairness of the arrangements between the bank that has gone into the special resolution process—the NewCo, as referred to by the noble Viscount, Lord Eccles,...

It is worth bearing in mind that the bank described as the residual bank is part of a failed organisation. When we talk about the fairness of the arrangements between the bank that has gone into the special resolution process—the NewCo, as referred to by the noble Viscount, Lord Eccles,...

The Minister is giving slightly confused messages because he is being given a slightly confused message. Perhaps I may beg the indulgence of the noble Baroness on this point; if she will withdraw her amendment I will certainly seek to give an absolutely precise answer to her question and allow...

The Minister is giving slightly confused messages because he is being given a slightly confused message. Perhaps I may beg the indulgence of the noble Baroness on this point; if she will withdraw her amendment I will certainly seek to give an absolutely precise answer to her question and allow...

Other terms may take a wide variety of forms and do not amount simply to a reasonable price, as the noble Baroness suggests. Here, the requirement is qualified by a practicability requirement. The essential difference is the qualification on practicability.

Other terms may take a wide variety of forms and do not amount simply to a reasonable price, as the noble Baroness suggests. Here, the requirement is qualified by a practicability requirement. The essential difference is the qualification on practicability.

It is appropriate for the avoidance of doubt that the continuity obligation and its durability are clear. In earlier discussions your Lordships’ House emphasised the importance of continuity of service. We have an absolute goal to ensure that where the special resolution is used, continuity of service to the customers...

It is appropriate for the avoidance of doubt that the continuity obligation and its durability are clear. In earlier discussions your Lordships’ House emphasised the importance of continuity of service. We have an absolute goal to ensure that where the special resolution is used, continuity of service to the customers...

The company which the noble Viscount refers to as the newco—the transferee—would have certain duties of care to the transferor, and those duties are captured by the clauses on continuing relationships and the reasonableness of the price paid. This is certainly not designed to allow the transferee in any way...

The company which the noble Viscount refers to as the newco—the transferee—would have certain duties of care to the transferor, and those duties are captured by the clauses on continuing relationships and the reasonableness of the price paid. This is certainly not designed to allow the transferee in any way...

That may well be the case. As I said yesterday, I was a director of Coutts. I was also a director of NatWest, but well before it became part of the Royal Bank of Scotland. The IT systems at NatWest at that time seemed to have been written in the...

That may well be the case. As I said yesterday, I was a director of Coutts. I was also a director of NatWest, but well before it became part of the Royal Bank of Scotland. The IT systems at NatWest at that time seemed to have been written in the...

This amendment relates to continuity obligations. It may help if I first provide a brief explanation of how these obligations are intended to work in relation to banking groups. Major financial firms do not tend to operate as single legal persons. Instead they are organised as groups, generally with a...

This amendment relates to continuity obligations. It may help if I first provide a brief explanation of how these obligations are intended to work in relation to banking groups. Major financial firms do not tend to operate as single legal persons. Instead they are organised as groups, generally with a...

I shall seek to answer the noble Baroness’s point. I think that the principles I articulated continue to apply and be relevant. I find it difficult to envisage a circumstance in which a continuing continuity obligation, be it general or specific, is likely to need to run for more than...

I shall seek to answer the noble Baroness’s point. I think that the principles I articulated continue to apply and be relevant. I find it difficult to envisage a circumstance in which a continuing continuity obligation, be it general or specific, is likely to need to run for more than...