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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 Baroness Noakes Baroness Noakes Shadow Minister, Treasury 3:30 pm, 20th January 2009

Perhaps the Minister has read too much into subsection (3). Subsection (3)(a) refers to "provision for reasonable consideration". It does not refer to core services or anything like that. Subsection (3)(b) refers to "any other provision". If we take the provision of IT services, which is the example that the Government have used today and in another place, there are terms about price, but group companies might have all sorts of other important terms in a service level agreement, such as speed of turnaround, access to processing, updating and all the things that go with the provision of a facility. What is the difference between price and all those other provisions? If you can determine one on arm's-length terms, why cannot you determine price on arm's-length terms? They are two different streams in one; this is not about core services.