Banking Bill — Committee (4th Day)

Part of the debate – in the House of Lords at 3:30 pm on 20th January 2009.

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Photo of Lord Myners Lord Myners Parliamentary Secretary, HM Treasury 3:30 pm, 20th January 2009

My interpretation is that Clause 64(3)(a) relates to the core provision of continuity. Any other provisions going beyond that would be on an arm's-length basis. That is to say that there are certain issues where the transferee bank would absolutely require a continued service from another group company as part of the transfer. It might elect to receive other services from another part of the transferor and those would be negotiated on a commercial arm's-length basis.