Clause 216
Banking Bill
9:45 am
Jimmy Hood (Lanark and Hamilton East, Labour)
With this it will be convenient to discuss the following amendments:
No. 48, in clause 216, page 103, line 9, leave out ‘, consulting the Treasury, determine and’.
No. 49, in clause 216, page 103, line 11, at end insert
‘and monitor the delivery of that strategy’.
No. 59, in clause 216, page 103, leave out lines 13 to 19 and insert—
‘(1) There shall be a committee of the Bank, known as the Financial Stability Committee of the Bank of England, consisting of—
(a) the Governor and Deputy Governor of the Bank,
(b) two members appointed by the Governor of the Bank after consultation with the Chancellor of the Exchequer, and
(c) four members appointed by the Chancellor of the Exchequer.
(2) Of the two members appointed under subsection (1)(b)—
(a) one shall be a person who has executive responsibility within the Bank for financial stability analysis, and
(b) the other shall be a person who has executive resopnsibility within the Bank for financial stability operations.
(3) The Chancellor of the Bank of England shall only appoint a person under subsection (1)(c) if he is satisfied that the person has knowledge or experience which is likely to be relevant to the Committee’s functions and after consultation with the Governor of the Bank.
(4) The Treasury Committee of the House of Commons may hold an inquiry into any appointment made under subsection (1)(c).’.
No. 50, in clause 216, page 103, line 13, leave out from ‘a’ to ‘consisting’ in line 14 and insert ‘Financial Stability Committee’.
No. 68, in clause 216, page 103, line 14, leave out from ‘of’ to end of line 19 and insert
‘8 non-executive directors of the Bank appointed by the chair of the court of directors (designated under paragraph 13 of Schedule 1).’.
No. 51, in clause 216, page 103, line 17, at end insert
‘two other executives of the Bank appointed by the Treasury, and’.
No. 52, in clause 216, page 103, line 18, leave out from ‘4’ to end of line 19 and insert
‘other members appointed by the Treasury following a transparent appointment process overseen by the Commissioner for Public Appointments.
(1A) A person appointed under subsection (1)(c)—
(a) must not be an executive of the Bank or a member of the court of directors of the Bank;
(b) must not be an active participant in financial markets;
(c) should have recent experience of financial markets, knowledge of legal or accountancy matters relevant to the special resolution regime under the Banking Act 2008, and international experience.’.
No. 53, in clause 216, page 103, leave out lines 21 to 23.
No. 62, in clause 216, page 103, line 21, leave out from first ‘to’ to ‘implementation’ in line 22 and insert ‘decide upon the’.
No. 70, in clause 216, page 103, line 21, leave out from first ‘to’ to first ‘the’ in line 22 and insert ‘monitor’.
No. 69, in clause 216, page 103, leave out lines 24 to 29.
No. 60, in clause 216, page 103, line 24, leave out ‘give advice about’ and insert ‘decide’.
No. 61, in clause 216, page 103, line 27, leave out ‘give advice about’ and insert ‘decide’.
No. 54, in clause 216, page 103, leave out lines 30 to 32.
No. 71, in clause 216, page 103, leave out lines 33 to 35.
No. 55, in clause 216, page 103, line 33, leave out ‘court of directors’ and insert ‘Treasury’.
No. 56, in clause 216, page 103, leave out lines 42 to 43.
No. 57, in clause 216, page 104, line 16, leave out ‘to (e)’ and insert ‘or (c)’.
No. 63, in clause 216, page 104, line 23, at end add—
‘(3) At the end of section 2(1) of the Bank of England Act 1998 insert “and the Financial Stability Objective”’.
Clause stand part.