Clause 156
Banking Bill
2:00 pm
Mark Hoban (Shadow Minister, Treasury; Fareham, Conservative)
I am happy to give way if an hon. Member wishes to intervene.
The issue we are teasing out through this process is how big is the fund and how much do we need to put away? The conversation during the evidence-taking session on Tuesday suggested that it could be between £10 billion and £15 billion. The level of bank deposits earlier this year, when I was looking closely at the matter, took us as far as the 10th-largest institution. That was before the wave of consolidation over the past few months. We are talking about building up a significant fund just for banks, let alone the other sectors of the financial services industry that might have to contribute to a pre-funded scheme.