Banking Bill
10:56 am
Ian Pearson: I do not intend to do that. The five statutory objectives set out in the legislation explain the purpose of the regime. The SRR provides five tools as well, which can be used by the authorities. The objectives provide guidance for the authorities, Parliament and market participants, on how the special resolution regime powers will be used. By putting the powers on the face of the Bill we have ensured that Parliament can hold the authorities to account if they believe that any action has, or has not, been taken in accordance with the statutory objectives. You have to see the objectives as a whole rather than say that one has more importance than the other. They are all important.