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 Baroness Noakes Baroness Noakes Shadow Minister, Treasury 3:15 pm, 20th January 2009

I thank the Minister for explaining what he had in mind, and I am grateful for his opinion that the arrangement should not last a long time. On the point about legacy systems raised by my noble friend Lord Higgins, we would not expect them to have to last a long time, simply because people today have to survive dealing with their own systems. I suspect that it would be unsatisfactory for a transferee to be dependent on its former home to provide its services over a long time. The natural instinct should be to drive away. I am grateful for what the Minister said. As I mentioned, the British Bankers' Association is exercised about this. I shall ask it to read what the Minister said in Hansard and advise me whether it continues to have a concern.

Amendment 106 withdrawn.

Amendment 107

Moved by Baroness Noakes

107: Clause 63, page 31, line 21, leave out "reasonable consideration" and insert "such consideration as would be expected in arrangements concluded between parties dealing at arm's length"