Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008

My Lords, we on this side of the House will not oppose the order, but I hope that the Minister will answer the questions and comments of my noble friends Lord Eccles and Lord James of Blackheath, which were a most erudite contribution to the debate. In particular—I am sure that other noble Lords will be interested in hearing the answer—who was the Minister responsible for the original action with regard to Bradford & Bingley, and who is the Minister now responsible? My noble friends, who are both members of the Merits Committee, asked a vast number of questions. I look forward to hearing them answered by the Minister. I should also be grateful if the Minister could clarify who regulates this particular financial institution. On Tuesday, 11 November, in response to a question put by me, the Minister said: "““The responsibility for the regulation of institutions rests with the FSA, and the FSA alone””." A few moments later he said: "““My Lords, noble Lords know that the initiative for regulation will remain in this country with the Financial Services Authority, the Bank of England and Her Majesty’s Treasury through the tripartite arrangements””.—[Official Report, 11/11/08; cols. 549-50.]" I wonder which statement is correct.