Building Societies (Funding) and Mutual Societies (Transfers) Bill

I am not quite sure that I agree with the hon. Gentlemen. First, I do not think that there is a one-way ratchet. The Bill gives the Treasury the power to make orders, and presumably those orders could go in either direction. Secondly, the Bill enables the Treasury to move quickly if circumstances demand. Again, that does not imply that there is going to be a sudden rush to increase access to the wholesale markets. It will simply enable the Treasury, using its considerable discretion, to make the rules and, through the Financial Services Authority, ensure that there is compliance.