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European Financial Services Proposals

Part of Oral Answers to Questions — Foreign and Commonwealth Office – in the House of Commons at 4:22 pm on 1st December 2009.

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Photo of Michael Fallon Michael Fallon Chair, Treasury Sub-Committee 4:22 pm, 1st December 2009

I am most grateful to the Minister. She is handling a range of questions, but what is her red line in this matter? Articles 9, 10 and 11 of the European banking authority proposal would give it direct power over individual financial institutions, with the result that it could issue an instruction to Barclays or HSBC. Is that a red line for the British Government, or not?

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