Banking (Special Provisions) Bill

My Lords, I am sorry. I misrepresented that point. The idea that we would be able, on the same day that we are making the order, to produce the framework agreement underestimates the nature of the emergency with which we would be likely to be confronted. The House will appreciate that, in this whole discussion on the amendments that were tabled this morning relating to this issue, we are talking about an emergency provision called into action in the direst circumstances. The noble Lord is suggesting that we can both make the order and have an agreed framework to present at that time. I accept entirely the point he is emphasising, that the framework agreement is important, and we have said that we will produce that agreement. However, the noble Lord’s amendment would give a very limited time for that framework agreement to be presented. I emphasise that we do not dispute the importance of the agreement being produced or of the agreement being subject to external public scrutiny and to parliamentary consideration in due course. To put it into the order as the amendment suggests, however, syncopates the process in such a way as to present an unrealistic demand upon a Government trying to respond to any such emergency provision. I reassert what I said this morning in responding to these issues: we are seeking to get a framework agreement for Northern Rock in the very near future, and we intend to place copies in the House. I have made it abundantly clear that we regard the framework agreement as an important point for public consideration and we will present it before Parliament as soon as possible. But we would have the greatest difficulty in accepting what the noble Lord suggests, whereby any order would necessarily have the framework agreement involved with it and that agreement would have to be published—while disagreeing with neither the importance of the framework agreement nor the importance of laying such a framework agreement before Parliament as soon as possible and making it public. We intend to honour the commitment that I made earlier today. Although it may not have been made as assertively as the noble Lord would have wished, I welcome this opportunity of assuring him that that is what we intend to do.