Banking Bill
10:56 am
Ian Pearson: The measures in the Bill are designed to form a permanent reform of the UK framework. I want to emphasise that it is the result of a comprehensive process of consultation, which we could discuss in more detail, including three consultation documentations issued jointly by the Treasury, the Bank and the Financial Services Authority. We have consulted with key industry players and experts, many of whom we shall hear from later today. We have had valuable input from the House’s Select Committee on the Treasury. We want to get the reforms right.
I say from the outset that the measures in the Bill represent a proportionate and sound package for reform. However, we shall go into Committee with an open and consultative frame of mind. The Government have made the correct decision in taking the past few months to develop the legislative package, including publishing some of the key clauses in draft, for public debate and scrutiny over the summer. The Bill will provide a sound enhancement to the framework for financial stability and depositor protection. I am happy to take questions on any aspect of the Bill.