Banking (Special Provisions) Bill

My Lords, we are not talking just about the immediate position; we are talking about the way in which the Act—if this Bill becomes an Act—will operate in any future circumstances. This has been the contention all along. When we talk about confidence in financial institutions, what is at stake is the confidence of depositors in an institution. That is not something to be trifled with. In fact, the very definition of the emergency is the likelihood of any such development. That is why we are concerned to protect the procedures that we envisage here. Of course we recognise that the Delegated Powers Committee had a substantial argument, and we recognise the Northern Ireland precedent. No one will underestimate the importance of the emergencies and the provisions that were necessary in response to the Northern Ireland situation. But I ask the House—I must have great confidence in being able to appeal to such knowledgeable Conservative Members with regard to the City and City finance—to recognise that the Bill is about emergency in a particular industry and with regard to a certain kind of way in which the emergency would manifest itself; namely, potentially, in the loss of depositors’ confidence. If noble Lords opposite are saying, ““The procedure we envisage is one in which Parliament will in due course validate this position, and that individuals only have to recognise that this emergency will be resolved, that the Government are taking action, and that both Houses may well eventually endorse the required order””, all I would say in response is that that is scarcely conducive to action by those who have anxieties. It is scarcely conducive to their acting with confidence. I recognise the pressure that the Government are under. It is very rare indeed for the Government to argue against a case put by the Delegated Powers Committee, and I cannot pretend that I undertake the task with the greatest enthusiasm. I have great respect for the committee, as do we all. I know how much it means to this House and to Members of the other place. However, that is the circumstance for a particular industry that requires particular consideration. I therefore hope that the noble Lord will recognise why I am asking him to withdraw his amendment.