Report stage. New clause 3 debated with further amendments. New clause 3 negatived on division (88 to 212). Clause 5, amendment 2 negatived on division (89 to 230). Third reading. Agreed to on question. Bill passed with amendments.

Report stage. New clause 3 debated with further amendments. New clause 3 negatived on division (88 to 212). Clause 5, amendment 2 negatived on division (89 to 230). Third reading. Agreed to on question. Bill passed with amendments.

I beg to move, That the clause be read a Second time.

I beg to move, That the clause be read a Second time.

Before speaking to new clause 3 specifically, let me reiterate that the Opposition welcome the Government’s decision to carry over the legislation from the previous Parliament, and that the principles underpinning the Bill continue to enjoy strong cross-party support. We all want and need confidence in our banking sector, yet...

Before speaking to new clause 3 specifically, let me reiterate that the Opposition welcome the Government’s decision to carry over the legislation from the previous Parliament, and that the principles underpinning the Bill continue to enjoy strong cross-party support. We all want and need confidence in our banking sector, yet...

My apologies, Madam Deputy Speaker. These are points that we feel are worth noting, but I take your comments.

I will turn to amendment 3, tabled by the Liberal Democrats. Although we share the intent behind the amendment, which mirrors the Conservatives’ amendment on MREL limits for banks, there is a...

My apologies, Madam Deputy Speaker. These are points that we feel are worth noting, but I take your comments.

I will turn to amendment 3, tabled by the Liberal Democrats. Although we share the intent behind the amendment, which mirrors the Conservatives’ amendment on MREL limits for banks, there is a...

I rise to speak in opposition to amendments 1, 3 and 4. Under the previous Government, the country was subjected to years of economic chaos. This Government have made restoring stability a cornerstone of our strategy to boost long-term growth. Ensuring macroprudential stability, underpinned by an effective recovery and resolution...

I rise to speak in opposition to amendments 1, 3 and 4. Under the previous Government, the country was subjected to years of economic chaos. This Government have made restoring stability a cornerstone of our strategy to boost long-term growth. Ensuring macroprudential stability, underpinned by an effective recovery and resolution...

The Liberal Democrats are supportive of the Bill, because the last thing taxpayers need to worry about are the consequences of an under-regulated banking sector. I have brought amendment 3 back from Committee, because the size of banks eligible for the new mechanism has been a key debate through the...

The Liberal Democrats are supportive of the Bill, because the last thing taxpayers need to worry about are the consequences of an under-regulated banking sector. I have brought amendment 3 back from Committee, because the size of banks eligible for the new mechanism has been a key debate through the...

It is always a pleasure to serve under your chairmanship, Mrs Cummins. I thank the hon. Members for Wyre Forest (Mark Garnier) and for Wokingham (Clive Jones) for their amendments and their constructive engagement throughout the Bill’s passage. The Bill will ensure that the Bank of England remains equipped with...

It is always a pleasure to serve under your chairmanship, Mrs Cummins. I thank the hon. Members for Wyre Forest (Mark Garnier) and for Wokingham (Clive Jones) for their amendments and their constructive engagement throughout the Bill’s passage. The Bill will ensure that the Bank of England remains equipped with...

I support wholeheartedly what the Minister has said about credit unions, because credit unions have a big role to play in Northern Ireland, as they do in other parts of the United Kingdom. My concern when it comes to crises in banks is that credit unions belong to their members,...

I support wholeheartedly what the Minister has said about credit unions, because credit unions have a big role to play in Northern Ireland, as they do in other parts of the United Kingdom. My concern when it comes to crises in banks is that credit unions belong to their members,...

The hon. Gentleman draws me on something that is not pertinent to the amendments, but I understand why he has asked the question. When a bank fails, there is a hierarchy of creditors. I can write to him with that hierarchy, as I do not have it in my head...

The hon. Gentleman draws me on something that is not pertinent to the amendments, but I understand why he has asked the question. When a bank fails, there is a hierarchy of creditors. I can write to him with that hierarchy, as I do not have it in my head...

I appreciate that the Bill’s scope is limited, and the Minister is making an excellent case for the Government. I realise that bank collapses are unusual and that the Government take a range of steps to try to protect the interests of consumers, but could she write to reassure me...

I appreciate that the Bill’s scope is limited, and the Minister is making an excellent case for the Government. I realise that bank collapses are unusual and that the Government take a range of steps to try to protect the interests of consumers, but could she write to reassure me...

Perhaps my hon. Friend and I could have a discussion outside the Chamber so that I can better understand his question. The mechanism in the Bill is about what happens when the resolution regime is triggered. Four different conditions have to be met for that to happen. The Bill seeks...

Perhaps my hon. Friend and I could have a discussion outside the Chamber so that I can better understand his question. The mechanism in the Bill is about what happens when the resolution regime is triggered. Four different conditions have to be met for that to happen. The Bill seeks...

Will the Minister give way?

Will the Minister give way?

I am afraid I am being urged to wrap up. I remind Members that the Bill is fundamentally about protecting the taxpayer—

I am afraid I am being urged to wrap up. I remind Members that the Bill is fundamentally about protecting the taxpayer—

We have Third Reading—it’s fine.

We have Third Reading—it’s fine.

We have not come to that yet; my hon. Friend can intervene on Third Reading. [Laughter.]

Taking what I was saying into account, although the Government appreciate the point raised by the sector and by the shadow Minister, we do not believe it is necessary to hardwire in legislation a requirement...

We have not come to that yet; my hon. Friend can intervene on Third Reading. [Laughter.]

Taking what I was saying into account, although the Government appreciate the point raised by the sector and by the shadow Minister, we do not believe it is necessary to hardwire in legislation a requirement...

With the leave of the House, I wish to address one or two of the points made in the debate. The hon. Member for Hendon (David Pinto-Duschinsky) is an incredibly valuable contributor to the debate because of his experience back in the days of the 2008 financial crisis. If I...

With the leave of the House, I wish to address one or two of the points made in the debate. The hon. Member for Hendon (David Pinto-Duschinsky) is an incredibly valuable contributor to the debate because of his experience back in the days of the 2008 financial crisis. If I...

I beg to move, That the Bill be now read the Third time.

We can hopefully do Third Reading in a more relaxed fashion. As we have discussed through the Bill’s passage, the Bank Resolution (Recapitalisation) Bill will strengthen the UK’s bank resolution regime by providing the Bank of England with...

I beg to move, That the Bill be now read the Third time.

We can hopefully do Third Reading in a more relaxed fashion. As we have discussed through the Bill’s passage, the Bank Resolution (Recapitalisation) Bill will strengthen the UK’s bank resolution regime by providing the Bank of England with...

May I first say a hearty congratulations to the Minister on bringing through her first Bill in the new Government? She was parachuted into the job rather recently, but she has done a magnificent job, and it has been a pleasure to engage with her. We share the aim of...

May I first say a hearty congratulations to the Minister on bringing through her first Bill in the new Government? She was parachuted into the job rather recently, but she has done a magnificent job, and it has been a pleasure to engage with her. We share the aim of...

Moved by

Baroness Scott of Bybrook

146: Clause 161, page 195, line 25, after “may” insert “, by order made by statutory instrument,”

Member's explanatory statement

This amendment is consequential on the amendment in the Minister’s name at page 195, line 35.

Moved by

Baroness Scott of Bybrook

146: Clause 161, page 195, line 25, after “may” insert “, by order made by statutory instrument,”

Member's explanatory statement

This amendment is consequential on the amendment in the Minister’s name at page 195, line 35.