Dormant Bank and Building Society Accounts Bill [HL]

The Committee should not forget that participation is voluntary. We are not talking about the Government taking on powers to regulate these branches in any way. The question is whether they intend to participate in this scheme knowing the public benefits from being involved in it, and for which there is a great deal of pubic approval. The British Bankers’ Association and the Building Societies Association quite rightly are reaping the rewards because they have taken the initiative. The category of bank is quite clear. The noble Lord, Lord Monson, has carried out my task for me. The noble Baroness asked who is part of the consultation and whether the British Bankers’ Association covers all these banks. I cannot answer that question—I do not have a full list of the members of the British Bankers’ Association to hand—but let me assure the Committee that the British Bankers’ Association may be acting as the representative body to carry out these discussions and negotiations about the framework that underpins the Bill, as is the case with the Building Societies Association, but this is not an exclusive exercise. We are concerned with developing a scheme which it is expected and hoped that other banks that have branches in the United Kingdom but which are foreign owned may wish to participate in. How much they will wish to participate may be a matter of how many branches they have in the United Kingdom and how enthusiastic they are about winning the good will which the scheme clearly generates. The noble Baroness is right that we have negotiated with just one association of banks—the British Bankers’ Association—and the Building Societies Association. Those two associations are setting up the scheme. However, it is not an exclusive operation, and I assure the noble Lord, Lord Shutt, that no penalties are attached. The legislation enables those institutions which wish to participate to do so. Those which qualify have branches in the United Kingdom.