Dormant Bank and Building Society Accounts Bill [Lords]

I rise to say briefly that I agree with the hon. Members for Broxbourne (Mr. Walker) and for Fareham (Mr. Hoban) that amendments Nos. 10 and 12 propose a bit of an either/or provision. Speaking as one who wants the greatest degree of independence and transparency, however, I believe that going down one of the proposed paths would further those objectives. The public need to enjoy confidence in an organisation. They need to believe that it will not be unduly manipulated or directed by the Treasury, but will be able to operate with a bit more freedom of spirit. As was said earlier, it would be helpful to know something about the composition of the group. I do not think that it should be seen as merely a wing of the Treasury. It would be helpful if the Treasury provided a direction, or even instructions, to the effect that the group should be open to scrutiny by Parliament and by the wider public, and we should be able to know the basis on which such orders were given. I consider that amendments Nos. 10 and 12 would further those objectives, and are laudable for that reason. Amendment No. 11 is slightly different. It would name and shame those who chose not to participate. I instinctively take the view that schemes of this sort should be voluntary rather than compulsory, because I tend to regard compulsion as undesirable unless it is wholly necessary. However, as the hon. Member for Broxbourne pointed out, if a stage is reached when most banks and building societies are demonstrating good will—making it clear that they want the scheme to work and want to support, indirectly, the projects for young people on which it is envisaged that a large amount of the money will be spent—while others are not participating, not for good reasons but because they regard the scheme as burdensome, unnecessary and not part of their core business, it seems reasonable for us parliamentarians, and the public as a whole, to know which banks are entering into the spirit of the enterprise and which are not.