Perhaps I may ask my noble friend two questions. My understanding is that Northern Rock has already withdrawn the 125 per cent mortgages. That was reported by the financial press yesterday. Could my noble friend tell me whether there is any material difference between the arrangements that he has described...

Perhaps I may ask my noble friend two questions. My understanding is that Northern Rock has already withdrawn the 125 per cent mortgages. That was reported by the financial press yesterday. Could my noble friend tell me whether there is any material difference between the arrangements that he has described...

Before my noble friend answers, let me say that the implication of what the noble Lord said is that, as of yesterday, there is a distance between Northern Rock and Alliance & Leicester and others. Until yesterday, all were offering 125 per cent mortgages. Today is one day later—and that...

Before my noble friend answers, let me say that the implication of what the noble Lord said is that, as of yesterday, there is a distance between Northern Rock and Alliance & Leicester and others. Until yesterday, all were offering 125 per cent mortgages. Today is one day later—and that...

I absolutely appreciate that.

I absolutely appreciate that.

I thank the Minister for his assurances. However, we believe that, in view of Northern Rock’s special circumstances and guarantees and the consequent cheap finance available to it, special measures to supervise its competitiveness are required. The other reason that it is important that the new clause is in the...

I thank the Minister for his assurances. However, we believe that, in view of Northern Rock’s special circumstances and guarantees and the consequent cheap finance available to it, special measures to supervise its competitiveness are required. The other reason that it is important that the new clause is in the...

I am not in a position completely to answer the questions asked by my noble friend Lord Christopher, except to point out that the objective of National Savings, which of course is run extremely prudently, is rather different from that of Northern Rock. The objective of National Savings is to...

I am not in a position completely to answer the questions asked by my noble friend Lord Christopher, except to point out that the objective of National Savings, which of course is run extremely prudently, is rather different from that of Northern Rock. The objective of National Savings is to...

Perhaps I can put the noble Lord, Lord Eatwell, straight on something. Those of us who have made observations from this side of the Committee are not doing so in order to micromanage or macromanage anything. We are trying to get some information out of the Government and that has...

Perhaps I can put the noble Lord, Lord Eatwell, straight on something. Those of us who have made observations from this side of the Committee are not doing so in order to micromanage or macromanage anything. We are trying to get some information out of the Government and that has...

I am sure that my colleagues on the Delegated Powers and Regulatory Reform Committee and I will be grateful for small mercies here. Perhaps they are medium-sized mercies rather than small ones. We certainly welcome the alterations, in particular to Clause 11, and the extension of the affirmative procedure to...

I am sure that my colleagues on the Delegated Powers and Regulatory Reform Committee and I will be grateful for small mercies here. Perhaps they are medium-sized mercies rather than small ones. We certainly welcome the alterations, in particular to Clause 11, and the extension of the affirmative procedure to...

moved Amendment No. 11: 11: Clause 11, page 10, line 41, leave out ““any enactment”” and insert ““the Building Societies Act 1986 (c. 53)”” The noble Lord said: I shall also speak to the other two government amendments, Amendments Nos. 12 and 13, in my name. The House will appreciate...

moved Amendment No. 11: 11: Clause 11, page 10, line 41, leave out ““any enactment”” and insert ““the Building Societies Act 1986 (c. 53)”” The noble Lord said: I shall also speak to the other two government amendments, Amendments Nos. 12 and 13, in my name. The House will appreciate...

moved Amendments Nos. 12 to 13: 12: Clause 11, page 11, line 16, at end insert— ““(e) sections 90 and 90A of, and Schedules 15 and 15A to, that Act (application of companies winding up legislation and other companies insolvency legislation to building societies).”” 13: Clause 11, page 11, line...

moved Amendments Nos. 12 to 13: 12: Clause 11, page 11, line 16, at end insert— ““(e) sections 90 and 90A of, and Schedules 15 and 15A to, that Act (application of companies winding up legislation and other companies insolvency legislation to building societies).”” 13: Clause 11, page 11, line...

I am very glad that the noble Lord, Lord Goodhart, spoke before me as I wanted to take the opportunity to congratulate him and his colleagues on the Delegated Powers and Regulatory Reform Committee, not only on the quality of its report but the speed with which it produced its...

I am very glad that the noble Lord, Lord Goodhart, spoke before me as I wanted to take the opportunity to congratulate him and his colleagues on the Delegated Powers and Regulatory Reform Committee, not only on the quality of its report but the speed with which it produced its...

The Committee will have seen from the consideration of the previous amendments, which I moved on behalf of the Government, that we took the report of the Delegated Powers Committee very seriously and examined its recommendations with great care. That is why we produced those amendments. However, as the noble...

The Committee will have seen from the consideration of the previous amendments, which I moved on behalf of the Government, that we took the report of the Delegated Powers Committee very seriously and examined its recommendations with great care. That is why we produced those amendments. However, as the noble...

moved Amendment No. 14: 14: Clause 12, page 11, line 34, leave out paragraph (a) The noble Lord said: I have tabled this amendment, and Amendment No. 15, to give the Minister the opportunity to explain why he has not seen fit to table amendments addressing the concerns and recommendations...

moved Amendment No. 14: 14: Clause 12, page 11, line 34, leave out paragraph (a) The noble Lord said: I have tabled this amendment, and Amendment No. 15, to give the Minister the opportunity to explain why he has not seen fit to table amendments addressing the concerns and recommendations...

moved Amendment No. 16: 16: Clause 13, page 12, line 22, at end insert— ““(2A) A statutory instrument which contains an order under section 5, 7, 8(6) or 11 (whether alone or with other provision) may not be made unless a draft of the instrument has been laid before, and...

moved Amendment No. 16: 16: Clause 13, page 12, line 22, at end insert— ““(2A) A statutory instrument which contains an order under section 5, 7, 8(6) or 11 (whether alone or with other provision) may not be made unless a draft of the instrument has been laid before, and...

I am grateful to the Minister for his words, which I need to give further thought. While I reserve the right to come back to this point on Report, for now, I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. [Amendment No. 15 not moved.] Clause 12 agreed...

I am grateful to the Minister for his words, which I need to give further thought. While I reserve the right to come back to this point on Report, for now, I beg leave to withdraw the amendment. Amendment, by leave, withdrawn. [Amendment No. 15 not moved.] Clause 12 agreed...

As the noble Lord, the Captain of the Queen’s Bodyguard, introduced the amendment, I thought I detected in his voice a feeling of, ““Hooray! Hurrah! This is coming to an end!””. I am sure that the points he has made are very important but perhaps he could help me with...

As the noble Lord, the Captain of the Queen’s Bodyguard, introduced the amendment, I thought I detected in his voice a feeling of, ““Hooray! Hurrah! This is coming to an end!””. I am sure that the points he has made are very important but perhaps he could help me with...

The role of the Select Committee on Delegated Powers and Regulatory Reform is to advise the House, and not to take part in support of or opposition to any contested amendment. Indeed, I have no authority from the committee to do so. In those circumstances, I am afraid there is...

The role of the Select Committee on Delegated Powers and Regulatory Reform is to advise the House, and not to take part in support of or opposition to any contested amendment. Indeed, I have no authority from the committee to do so. In those circumstances, I am afraid there is...

Before the Minister does sit down, may I make a request that does not stem from the degree of learning that we have just heard from the noble Lord, Lord Goodhart? The Minister has insisted that the purpose of these powers is limited to some unforeseen although not perhaps unforeseeable...

Before the Minister does sit down, may I make a request that does not stem from the degree of learning that we have just heard from the noble Lord, Lord Goodhart? The Minister has insisted that the purpose of these powers is limited to some unforeseen although not perhaps unforeseeable...

There is nothing particularly novel or unusual about including a dehybridisation clause. It was last used, as we said in our report, in the Building Societies (Funding) and Mutual Societies (Transfers) Act, which was passed in the previous Session.

There is nothing particularly novel or unusual about including a dehybridisation clause. It was last used, as we said in our report, in the Building Societies (Funding) and Mutual Societies (Transfers) Act, which was passed in the previous Session.

If that was an intervention before I had sat down, I am unduly grateful for it.

If that was an intervention before I had sat down, I am unduly grateful for it.

I asked the Minister whether he would be good enough to explain why, in an Act of Parliament—at least, the proposal is that this should be an Act of Parliament—it is suggested that if something appears to be hybrid, it should be treated as not being hybrid. That seems to...

I asked the Minister whether he would be good enough to explain why, in an Act of Parliament—at least, the proposal is that this should be an Act of Parliament—it is suggested that if something appears to be hybrid, it should be treated as not being hybrid. That seems to...