As I indicated, the FSA has not finished its consultation on this issue. This is a salient point that needs to be settled. I can give some reassurance that the points made by the noble Baroness today are important and need to be given serious consideration. Having acknowledged that the...

As I indicated, the FSA has not finished its consultation on this issue. This is a salient point that needs to be settled. I can give some reassurance that the points made by the noble Baroness today are important and need to be given serious consideration. Having acknowledged that the...

I second the noble Baroness’s vote of thanks to all those who have served the Committee so well through its proceedings. I pay tribute, of course, to the noble Baroness. All in the House will recognise that she has borne the majority of the heat and burden of every day...

I second the noble Baroness’s vote of thanks to all those who have served the Committee so well through its proceedings. I pay tribute, of course, to the noble Baroness. All in the House will recognise that she has borne the majority of the heat and burden of every day...

We set up the valuer in an independent role to carry out this important exercise. In making that arrangement, we indicated that if he found that he had inadequate powers to fulfil the task, he could quite reasonably come back to us. He, in turn, identified where he was having...

We set up the valuer in an independent role to carry out this important exercise. In making that arrangement, we indicated that if he found that he had inadequate powers to fulfil the task, he could quite reasonably come back to us. He, in turn, identified where he was having...

I think that we are. I do not see why we should not be.

I think that we are. I do not see why we should not be.

I was quite specific. I indicated the valuer’s problems. He said that he was unable to get the information that he required. It is understandable that those who were interested in bidding for Northern Rock might not be too enthusiastic about disclosing information involving them. I hasten to add that...

I was quite specific. I indicated the valuer’s problems. He said that he was unable to get the information that he required. It is understandable that those who were interested in bidding for Northern Rock might not be too enthusiastic about disclosing information involving them. I hasten to add that...

Amendment 174H 174H: After Clause 227, insert the following new Clause— ““Banking (Special Provisions) Act 2008: Compensation: valuer Without prejudice to the generality of section 12 of the Banking (Special Provisions) Act 2008 (consequential and supplementary provision), it is declared that the power under section 9 of that Act to...

Amendment 174H 174H: After Clause 227, insert the following new Clause— ““Banking (Special Provisions) Act 2008: Compensation: valuer Without prejudice to the generality of section 12 of the Banking (Special Provisions) Act 2008 (consequential and supplementary provision), it is declared that the power under section 9 of that Act to...

The noble Baroness suggested on the previous amendment that I was subject to bureaucratic priorities; on this one, I share her objective, which is not bureaucracy, but openness. I therefore have some sympathy with her amendment. It is not necessary to place a statutory requirement on the Bank of England...

The noble Baroness suggested on the previous amendment that I was subject to bureaucratic priorities; on this one, I share her objective, which is not bureaucracy, but openness. I therefore have some sympathy with her amendment. It is not necessary to place a statutory requirement on the Bank of England...

I do not accept that point. The Bill enhances the responsibility of the Bank of England in this crucial area. The Bank is provided with structures which fulfil its obligations. It has to report on the role which it plays, particularly its key obligations. It will report on these matters...

I do not accept that point. The Bill enhances the responsibility of the Bank of England in this crucial area. The Bank is provided with structures which fulfil its obligations. It has to report on the role which it plays, particularly its key obligations. It will report on these matters...

I am grateful to my noble friend for that insight. I fully appreciate that he brings academic detachment in supreme measure to his considerations when working in this context. However I also recognise, as does he, that it is possible for us to look for people who are able to...

I am grateful to my noble friend for that insight. I fully appreciate that he brings academic detachment in supreme measure to his considerations when working in this context. However I also recognise, as does he, that it is possible for us to look for people who are able to...

I propose to deal first with the more difficult amendment—Amendment 195, with which we disagree—but hope to give the noble Baroness a better response to Amendment 194. In appointing court members the Government will seek to ensure that the appropriate mix of skills are available to the court as a...

I propose to deal first with the more difficult amendment—Amendment 195, with which we disagree—but hope to give the noble Baroness a better response to Amendment 194. In appointing court members the Government will seek to ensure that the appropriate mix of skills are available to the court as a...

We thought that the two provisions were relatively uncontroversial but the noble Baroness wants me to comment on the two subsections. The first, subsection (4), allows the Financial Stability Committee to delegate any of its functions to two or more of its members, other than the Treasury representative and co-opted...

We thought that the two provisions were relatively uncontroversial but the noble Baroness wants me to comment on the two subsections. The first, subsection (4), allows the Financial Stability Committee to delegate any of its functions to two or more of its members, other than the Treasury representative and co-opted...

I am grateful to noble Lords who spoke on this amendment. With respect to the principles behind Clause 185, we do not think that the Bank of England needs to be put under a specific requirement to consult. The Bank intends to adopt the internationally recognised principles developed by the...

I am grateful to noble Lords who spoke on this amendment. With respect to the principles behind Clause 185, we do not think that the Bank of England needs to be put under a specific requirement to consult. The Bank intends to adopt the internationally recognised principles developed by the...

I hope that I can be a little more helpful to the noble Lord, because he is on to an important point. I tried to emphasise that the FSA publishes guidance on the level of penalties, but the FSA’s powers are unlimited in the primary legislation governing it, the FSMA.

I hope that I can be a little more helpful to the noble Lord, because he is on to an important point. I tried to emphasise that the FSA publishes guidance on the level of penalties, but the FSA’s powers are unlimited in the primary legislation governing it, the FSMA.

I am delighted to do my best to resolve the noble Baroness’s anxieties yet again. However, I do not think that her anxieties in this regard are well founded. While the Bank of England will be the sole regulator of recognised inter-bank payment systems, the FSA will continue to be...

I am delighted to do my best to resolve the noble Baroness’s anxieties yet again. However, I do not think that her anxieties in this regard are well founded. While the Bank of England will be the sole regulator of recognised inter-bank payment systems, the FSA will continue to be...

To answer straightforwardly, yes, they will be cost-related.

To answer straightforwardly, yes, they will be cost-related.

I am grateful that the noble Baroness recognises that the Bank does not currently intend to charge fees for its routine oversight of payment systems. That practice will continue. This clause future-proofs the legislation against the potential eventuality that the Bank’s overall funding model might change. It shows that the...

I am grateful that the noble Baroness recognises that the Bank does not currently intend to charge fees for its routine oversight of payment systems. That practice will continue. This clause future-proofs the legislation against the potential eventuality that the Bank’s overall funding model might change. It shows that the...

I appreciate the concerns expressed by the noble Baroness but hope I am able to persuade her that Amendment 159A and Amendment 159B would be unnecessary. As I hope I made clear in my last response, we have no intention of introducing pre-funding. It is not the time for doing...

I appreciate the concerns expressed by the noble Baroness but hope I am able to persuade her that Amendment 159A and Amendment 159B would be unnecessary. As I hope I made clear in my last response, we have no intention of introducing pre-funding. It is not the time for doing...

As I indicated, because of the nature of the funds, they will be on a short-term rate. However, whether they can be identified is a difficult question to address. I am not sure that I have the answer to that and so shall have to write to noble Lords taking...

As I indicated, because of the nature of the funds, they will be on a short-term rate. However, whether they can be identified is a difficult question to address. I am not sure that I have the answer to that and so shall have to write to noble Lords taking...

The noble Baroness is asking me to stray down paths on the pre-funding position as a whole that I am not currently prepared to follow. I think, however, that I can reassure her on that point.

The noble Baroness is asking me to stray down paths on the pre-funding position as a whole that I am not currently prepared to follow. I think, however, that I can reassure her on that point.

I am grateful to the noble Baroness for the way in which she introduced her amendment, and for the fact that she accepts that the power given to the Bank of England is important. The Bank will make a direction to the operator of an inter-bank payment system only where...

I am grateful to the noble Baroness for the way in which she introduced her amendment, and for the fact that she accepts that the power given to the Bank of England is important. The Bank will make a direction to the operator of an inter-bank payment system only where...