Banking Bill — Committee (4th Day)

Part of the debate – in the House of Lords at 3:45 pm on 20th January 2009.

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Photo of Baroness Noakes Baroness Noakes Shadow Minister, Treasury 3:45 pm, 20th January 2009

The Minister keeps using the word "subsidy". I shall read my amendment to him:

"The continuity authority shall ensure that compensation is payable to the person on whom the obligation is imposed if that person suffers financial loss because of the nature, extent or timing of a notice given under subsection (1)".

I cannot see anything in that about which the Minister could justifiably use the word "subsidy". The amendment was designed specifically to cover only loss that was incurred by the company providing the service. I do not know whether the Minister's speaking note was wholly predicated on subsidy; it certainly seemed to be that way and it seemed to me that the Minister did not address my points. He said that this would potentially be covered by "reasonable consideration".

I will carefully consider what the Minister has said in the totality of his remarks and I shall disregard everything that he said in accusing my amendment of requiring a subsidy to be paid, because I do not think that even he, if he had read it more carefully, could have interpreted it in that way. Between now and Report, I shall consider what to do with this amendment, alongside the other amendments that are really about terms and conditions of provision of services, and I will consider whether there needs to be some valuation or appeal mechanism. For today, I beg leave to withdraw the amendment.