No I am not saying that. But we are concerned with 500 institutions. We have seen from the secondary banking crisis that the system did not work very well because there was not a sufficiently close connection with the Bank as the supervisory authority for the four clearing banks and all the other institutions. Now we are bringing it all together under the aegis of the Bank of England. I think it would be a very brave man who would say that never in future will there be a banking crisis, and that among those 500 institutions there would never be an individual who was at risk of losing his money. We are protecting the individual and saying that if there were a crisis, he would get 75 per cent. of his money back.
I am surprised that Conservatives have not said much about the consumer, but perhaps when we get into Committee they will look at this Bill more rationally and more logically. I hope that the House will give the Bill a Second Reading.