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Banking Bill — Committee (4th Day)

Part of the debate – in the House of Lords at 6:45 pm on 20th January 2009.

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Photo of Lord Davies of Oldham Lord Davies of Oldham Deputy Chief Whip (House of Lords), HM Household, Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords) 6:45 pm, 20th January 2009

I thought that we had exhausted all the arguments before we reached the clause stand part debate, but I suppose that reiteration never did anybody any harm. The noble Lord, Lord Howard, effectively summarised all the points that have been made thus far.

Perhaps I may make one or two things absolutely clear. The banking industry has not expressed its concern about the clause in the terms which were depicted in the noble Lord's contribution. We have been in extensive consultation with the industry. It was concerned that the clause might override the safeguards on partial transfers that we had put in place. We responded by amending the Bill so that we cannot do that—that provision is contained in subsection (4)(a). If the banking industry has the concerns that noble Lords have suggested—after all, it is an interested party—we await such representations.