Clause 168
Banking Bill
11:15 am
David Gauke (Shadow Minister, Treasury; South West Hertfordshire, Conservative)
I am grateful to the Minister, because what he has just said is helpful. For further clarity, is he saying that the Treasury will not seek a recognition order in respect of a payment system that is regulated by another central bank? Is he saying that it will not go that far, but that the Bank of England will undertake a role in oversight? I am not quite clear about that. I note his point about not wanting to regulate things that are regulated by another central bank, but is he saying that there will not be a recognition order for such a payment system?