Banking Bill — Committee (4th Day)

Part of the debate – in the House of Lords at 7:15 pm on 20 January 2009.

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Photo of Baroness Noakes Baroness Noakes Shadow Minister, Treasury 7:15, 20 January 2009

I never worry much about what other countries might do. The important thing is what the Bill is about: UK financial stability. The Minister answered in respect of the FSCS for foreign branches, but not in relation to the whole range of things. This issue may be less important in the light of what the noble Lord, Lord Eatwell—who is unfortunately not in his place at the moment—said on the first day in Committee: international moves are away from branch banking and towards the use of subsidiaries. If that happens, that issue will go away. I shall contemplate what the Minister has said, unsatisfactory though it is, between now and Report.

Amendment 128 withdrawn.

Clauses 87 to 92 agreed.

House resumed. Committee to begin again not before 8.27 pm.