My Lords, I wish that I had a pound note for every time the Minister has told me that he agrees with me but does nothing about it. I thank him for his explanation. Expectations may be in the code, but that does not mean that they will not be...

My Lords, I wish that I had a pound note for every time the Minister has told me that he agrees with me but does nothing about it. I thank him for his explanation. Expectations may be in the code, but that does not mean that they will not be...

My Lords, this amendment is simple. It states that if the code is not followed, there should be an explanation of why it has not been followed. Her Majesty's Government strongly argued that the code should not be legally binding. While I do not agree with that argument, it is...

My Lords, this amendment is simple. It states that if the code is not followed, there should be an explanation of why it has not been followed. Her Majesty's Government strongly argued that the code should not be legally binding. While I do not agree with that argument, it is...

Amendment 11 11: Clause 5, page 4, line 6, at end insert ““and if the authorities do not follow the code in any particular instance they must publish as soon as practicable an explanation of why they have not done so””

Amendment 11 11: Clause 5, page 4, line 6, at end insert ““and if the authorities do not follow the code in any particular instance they must publish as soon as practicable an explanation of why they have not done so””

Amendment 4 4: Clause 4, page 3, line 25, at end insert— ““( ) Objective 6 is to avoid the distortion of competition.””

Amendment 4 4: Clause 4, page 3, line 25, at end insert— ““( ) Objective 6 is to avoid the distortion of competition.””

My Lords, the amendment is to ensure that in the event of the powers of the special resolution regime being used, a bank which comes under the regime will not take unfair advantage over the competition. When this matter was debated in Committee, we did not have the benefit of...

My Lords, the amendment is to ensure that in the event of the powers of the special resolution regime being used, a bank which comes under the regime will not take unfair advantage over the competition. When this matter was debated in Committee, we did not have the benefit of...

My Lords, I thank the Minister for his remarks. However, his endeavours have not been very successful as I am not reassured. He mentioned the FSA, but the FSA is not responsible for competition; as far as I know, that is the Office of Fair Trading. If competition issues were...

My Lords, I thank the Minister for his remarks. However, his endeavours have not been very successful as I am not reassured. He mentioned the FSA, but the FSA is not responsible for competition; as far as I know, that is the Office of Fair Trading. If competition issues were...

My Lords, Amendment 5 gives recognition to the interests of creditors and shareholders. This is a more modest amendment than those discussed in Committee. At that time, the Minister pointed out that objective 5 set out in Clause 4(8), referring to the Human Rights Act, gave adequate protection so an...

My Lords, Amendment 5 gives recognition to the interests of creditors and shareholders. This is a more modest amendment than those discussed in Committee. At that time, the Minister pointed out that objective 5 set out in Clause 4(8), referring to the Human Rights Act, gave adequate protection so an...

Amendment 5 5: Clause 4, page 3, line 27, at end insert— ““( ) In addition to the objectives set out in this section, the relevant authorities shall also have regard so far as it is practicable to the interests of creditors and shareholders.””

Amendment 5 5: Clause 4, page 3, line 27, at end insert— ““( ) In addition to the objectives set out in this section, the relevant authorities shall also have regard so far as it is practicable to the interests of creditors and shareholders.””

My Lords, I thank the noble Lord, Lord Newby, for his support for the amendment. I do not see how the amendment could be construed as confusing. The Minister repeated the same arguments and I am afraid that they are no more convincing this time around than they were the...

My Lords, I thank the noble Lord, Lord Newby, for his support for the amendment. I do not see how the amendment could be construed as confusing. The Minister repeated the same arguments and I am afraid that they are no more convincing this time around than they were the...