Clause 219
Banking Bill
Public Bill Committees, 30 October 2008, 2:45 pm
Mark Hoban (Shadow Minister, Treasury; Fareham, Conservative)
The clause gives the Chancellor of the Exchequer the power to designate a member of the court to chair its meeting. Could the Minister elaborate, confirming whether that will be an executive or non-executive member of the court?
Angela Eagle (Parliamentary Secretary, HM Treasury; Wallasey, Labour)
The clause provides for the court to continue being chaired by a non-executive. Although, under the Bank of England Act 1998, the Governor chairs the Bank’s court of directors, since 2003 the Governor has delegated the chairmanship of court to one of the non-executive directors. This change formalises in legislation what has been practice since 2003. It is a sensible provision, which formalises the Bank’s current practice and is fully supported by the Bank of England. I hope that the hon. Gentleman will be happy for the clause to stand part of the Bill.