Banking Bill — Committee (4th Day)

Part of the debate – in the House of Lords at 3:15 pm on 20th January 2009.

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Photo of Lord Myners Lord Myners Parliamentary Secretary, HM Treasury 3:15 pm, 20th January 2009

It is appropriate for the avoidance of doubt that the continuity obligation and its durability are clear. In earlier discussions your Lordships' House emphasised the importance of continuity of service. We have an absolute goal to ensure that where the special resolution is used, continuity of service to the customers of banks is maintained. We wish to avoid there being any doubt at all about a bank's ability to continue to receive the necessary support from other group companies on which it has depended.

That said, I repeat that I am entirely aligned with the sentiment expressed by the noble Baroness when she was speaking to her amendment. However, I hope that the provisions we have made and the comments I have addressed to the Committee will provide the necessary comfort to her.