Written evidence to be reported to the House
Banking Bill
4:40 pm
Angela Knight: For the purposes of comparison, although there are intervention regimes in a lot of countries, some of which are also being reviewed, there is no intervention regime that we have yet found that would result in the circumstances that could apply if this legislation went through as it stands. That is to say, other people’s intervention regimes do not interfere with creditors’ rights, and netting agreements are preserved so that there is not the problem of not being able to net off your capital. Certainly, we have been told by a number of our members that if they could not net off, they would no longer be able to do that business here in the UK, so we would see a commensurate loss of a significant amount of business out of London.