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Banking (Special Provisions) Bill

Part of the debate – in the House of Lords at 11:45 am on 21st February 2008.

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Photo of Lord Campbell of Alloway Lord Campbell of Alloway Conservative 11:45 am, 21st February 2008

One great advantage of the amendment—indeed it is more than an advantage, it is a necessity—is that it will give another place the opportunity to see where we are and where we have got to so that it can rethink its approach. That is of crucial consequence because Parliament has not yet had all the relevant information put before it. It is therefore vital that, in the novel situation of Parliament passing a totally unprecedented Bill that takes control of the whole of the financial aspect of a bank for a year without a thought, as I mentioned yesterday, for what the Commission will say about state aid being given to a sector of financial activity and services, which itself has become totally disorientated by the threat of state-aided intervention—and I do not know what the European Court of Justice is going to say about it—we should help the other place to take the opportunity to think again about where it stands.