Clause 205
Banking Bill
Public Bill Committees, 28 October 2008, 6:45 pm
David Gauke (Shadow Minister, Treasury; South West Hertfordshire, Conservative)
The clause states:
“If an authorised bank at any time after commencement stops issuing banknotes, it may not resume issuing banknotes in reliance on”
these provisions. Can the Minister confirm that that would not apply if a bank stopped issuing banknotes owing to circumstances beyond its control, such as industrial action or damage to the printing works? That is not clear in the Bill.
Angela Eagle (Parliamentary Secretary, HM Treasury; Wallasey, Labour)
I am happy to give the hon. Gentleman that assurance. The clause would apply if the decision was taken to stop issuing banknotes, not because of a sudden mechanical breakdown of the printing machinery. I hope that that reassures him.