Clause 190
Banking Bill
5:45 pm
Ian Pearson (Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform; Dudley South, Labour)
I am happy to explain that, in normal circumstances, we expect there to be reciprocal arrangements with the international partners with which we co-operate. As I mentioned when introducing the amendment, we are talking about the European Central Bank and the Bank for International Settlements. We think that it is right to have such arrangements with them. If we think that it is appropriate in the interests of financial stability to share information, even if the arrangements are not reciprocal, we should do so, because we all share an interest in financial stability. However, I have absolutely no reason to believe that the European Central Bank or the Bank for International Settlements would not want to share with us information that they believed was important to global financial stability.