Financial Services (Banking Reform) Bill

It would probably be helpful if I spoke now, and also introduced the amendment which is grouped w...

My Lords, I declare an interest as a director of Metro Bank. I support Amendment 102, in the name...

My Lords, I should like to speak in favour of the amendment moved by the noble Lord, Lord Sharkey...

My Lords, I apologise to the House that I was not able to speak in the Second Reading debate, but...

My Lords, both these amendments have much to commend them. The point that I would like to pick up...

My Lords, I, too, broadly support these two amendments. It is encouraging that every speaker so f...

It was me.

I am sorry, it was my noble friend. That is a stunning statistic. The fact that some of the small...

My Lords, I, too, am grateful to the noble Lord, Lord Sharkey, for giving us the opportunity to d...

My Lords, the noble Lords, Lord Eatwell and Lord Sharkey, have done the Committee a service by ra...

My Lords, I support the amendment in the name of my noble friend Lord Eatwell and want to comment...

My Lords, it is a great pleasure to respond to this fascinating debate. I should say at the outse...

I wonder whether the Minister will allow me to comment on the series of measures he just outlined...

The Government are saying that the OFT is in the process of undertaking a series of pieces of wor...

My Lords, my noble friend seems to be implying that the study by the OFT is in some sense a subst...

My Lords, as I said, the OFT is undertaking its work and expects to have formed a view by 2015 ab...

My Lords, the noble Lord, Lord Higgins, has a real point here. If we look at the timeline with PP...

My Lords, everybody would have a great deal of sympathy with the general point that the system ha...

My Lords, I ask the noble Lord to look at the other side of the balance sheet. I could not find t...

My Lords, my noble friend says that people have been very slow in the past, but he is now telling...

My Lords, if I may, I would add that my noble friend talked of being too slow, but in this debate...

My Lords, as far as immorality is concerned, later we will deal with amendments on the reversal o...

My Lords, I will be brief because I see that I am holding back an avalanche of 158 government ame...

Moved by

Lord Newby

44: After Clause 12, insert the following new Clause—

“Part...

My Lords, this clause and the new schedule to the Bill in Amendment 105 have the effect of amendi...

My Lords, we can forgive the noble Lord, Lord Newby, for taking some time to introduce the amendm...

My Lords, these clauses exemplify the maxim, “be careful what you wish for”. The parliamentary co...

My Lords, I can see something like a bail-in scheme working satisfactorily with regard to a bank ...

My Lords, in asking Parliament to approve these powers, I wonder if my noble friend could set out...

My Lords, these clauses give the Bank of England very considerable powers and responsibilities, w...

My Lords, I thank the noble Lords who have spoken on these extremely technical points. A number o...

I was thinking of the Crown Dependencies.

I had not realised that the noble Lord, Lord Eatwell, was thinking of the Crown Dependencies. I w...

I just take up the Minister on that last point. Surely one of the key arguments about the ring-fe...

I come in on the same point, if I may, because my reaction was the same as the noble Lord who has...

The noble Lord, Lord Eatwell, said something which I think is profoundly wrong, but I can underst...

My Lords, I can confirm what the noble Lord, Lord Lawson says. It is not the intention to have a ...

I am sorry but I am still not clear. Could bail-in provisions be applied by the Bank of England t...

That is what I was attempting unsuccessfully to say.

Moved by

Lord Newby

45: After Clause 12, insert the following new Clause—

“Part...

My Lords, we now turn to the government amendments which implement another important part of the ...

My Lords, an important finding of the parliamentary commission was that the existing approved per...

I intervene to ask the Minister to comment on some concerns that I have about this new “approved ...

My Lords, I support the points made by the noble Viscount, Lord Trenchard. It is entirely underst...

My Lords, I speak to the amendments in my name and in those of the noble Lords, Lord McFall and L...

My Lords, it is a pleasure to follow the noble Lord, Lord Brennan, and to have my name on these a...

My Lords, I do not want to go into the issue of money laundering; we have had a good debate on it...

My Lords, I am proud to have my name associated with that of my noble friends Lord Brennan and Lo...

My Lords, for various reasons I have not yet had an opportunity to speak to the Bill. As this is ...

My Lords, I found that to be a very interesting speech from the noble Baroness, Lady Noakes. She ...

I clearly did not make my point correctly. I was simply trying to say that I have seen reactions ...

My Lords, I have an amendment in this group and it may be for the convenience of the Committee if...

My Lords, I support what my noble friend Lord Eatwell said and speak in relation to what the nobl...

My Lords, I support very much what the noble Lord, Lord Eatwell, has just said. We need a clear a...

My Lords, perhaps I may start by dealing with the three points on which the noble Lord, Lord Turn...

If a bank divides itself under the new regime into a ring-fenced bank which takes deposits and pu...

My Lords, I repeat: it is limited to banks that take deposits, because the view is that they are ...

The question then becomes, “Should it be those areas?”, and a question of whether the Minister wi...

I will take it back to the Treasury, but I want the noble Lord to be in no doubt as to what the G...

May I reinforce what others have said? I am horrified by the Minister’s explanation. He must take...

I would like to reinforce the position of the official Opposition on this. We are totally behind ...

Was the Minister talking about retail deposits, as I believe my noble friend Lord Lawson has inte...

The definition relates to deposit-taking, retail and wholesale.

Could I add my support? It seems to me that it is in investment banking territory where there is ...

As clarification, given what the Minister has said about wholesale deposits, if there was an orga...

My Lords, unless it was taking deposits it would be exempt under the amendments as they stand. It...

It would be easy to put a note in the Library about which institutions will be affected and which...

I am not sure that I can undertake to give a comprehensive list, but I am sure that I can underta...

The reason I said that is that Tracey McDermott, the present FCA director of enforcement, came be...

When this amendment is enacted, it will ensure that a senior manager will have his or her areas o...

Moved by

Lord Newby

46: After Clause 12, insert the following new Clause—

“Seni...

My Lords, I beg to move.

Amendment 46A (to Amendment 46)

Tabled by

Lord Brennan

46A: After Clause 12, line 13, leave out paragraph (b) and ins...

My Lords, I am grateful to the Minister for telling us that he will write in due course about the...

Moved by

Lord Newby

47: After Clause 12, insert the following new Clause—

“Stat...

My Lords, I beg to move.

Moved by

Lord Newby

48: After Clause 12, insert the following new Clause—

“Powe...

Moved by

Lord Newby

53: After Clause 12, insert the following new Clause—

“Rule...

My Lords, I beg to move.

Moved by

Lord Newby

54: After Clause 12, insert the following new Clause—

“Defi...

My Lords, I beg to move.

Moved by

Lord Newby (LD)

55: After Clause 12, insert the following new Clause—

...

Moved by

Lord Newby (LD)

58: After Clause 12, insert the following new Clause—

...

My Lords, we now turn to one of the key recommendations of the PCBS: the introduction of a new cr...

Moved by

Lord Brennan

58A*: After Clause 12, line 10, after “aware” insert “or should...

My Lords, I will deal briefly with these amendments concerning the creation of an offence in rela...

My Lords, my noble friend Lord Brennan has made some powerful points. I draw the attention of the...

My Lords, I commend the Government on bringing forward Amendment 58. It has been a source of grea...

My Lords, my first thought on seeing this new offence relating to bank failure was to be mildly a...

My Lords, I will try to sum up some of those points. One of the big challenges that we faced in p...

May I ask my noble friend one question? The commission’s recommendations refer to this as reckles...

Yes, I hope I can. As I was just saying, we had to put in the Bill a form of words that would cre...

I do not think the Minister has adequately dealt with the point made by my noble friend Lady Noak...

I do not think it undermines the whole purpose of the amendment. It obviously reduces the scope o...

My Lords, I raise the question briefly about recklessness for the Government to consider. Let us ...

Moved by

Lord Newby

59: After Clause 12, insert the following new Clause—

“Inte...

Moved by

Lord Newby

60: After Clause 12, insert the following new Clause—

“Inst...

Moved by

Lord Newby

60A: After Clause 12, insert the following new Clause—

“Par...

My Lords, these amendments will create a new competition-focused utility-style regulator equipped...

My Lords, I have a number of queries about another set of amendments that are longer than the ori...

My Lords, this is another example of where we should be careful what we wish for. The Treasury co...

I support these amendments. The biggest part of the Bill is concerned with creating competition i...

Those of us who have been through many legislative processes may be a little appalled to find tha...

My Lords, my initial reaction to these new clauses was that they constituted a sledgehammer to cr...

My Lords, for the record, these amendments cover exactly 52 pages. The only other point I wish to...

My Lords, I have two simple questions. One is to do with the innovation objective. Government Ame...

It would be an innovation.

An innovation regulator.

No, it would be an innovation.

Government Amendment 60U is headed, “Power to require disposal of interest in payment system”. Ne...

My Lords, I am grateful for the wide welcome given to these provisions.

Oh!

A number of noble Lords raised the same question and have come down on different sides. Should we...

My Lords, I beg the noble Lord’s pardon, but the question related to a possibility of interruptio...

My Lords, I will have another look at that. The noble Lord has a problem which I do not have to t...

I am not quite clear about who is paying this cost. Am I right in thinking that it is the people ...

It will cover the UK end of international transactions. The counterparty in another country is re...

Perhaps I may follow that. The overall financial services industry, or that bit of it which is re...

My Lords, I am extremely sorry that the noble Lord does not understand. We just have a difference...

I did not question whether or not it could behave reasonably because all regulators are supposed ...

I am extremely sorry; I misunderstood the noble Baroness. I think that I shall have to write to h...

I have been very interested in what has been said about the regulator. Obviously the regulator ha...

I will write to the noble Lord as I do not have the faintest clue, except to say that I am sure t...

Moved by

Lord Newby

60B: After Clause 12, insert the following new Clause—

“The...