Banking Bill — Committee (5th Day)

Part of the debate – in the House of Lords at 7:30 pm on 26th January 2009.

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Photo of Baroness Noakes Baroness Noakes Shadow Minister, Treasury 7:30 pm, 26th January 2009

Amendment 174DE is an old fashioned amendment compared with the debates we have just had, because it is an amendment to the Government's amendment. I propose the deletion of subsection (6) of the Minister's new clause, introduced by Amendment 174D, which gives the Treasury the broad power to say what an investment bank is and what client assets are. However, if the Government cannot define what an investment bank and client assets are, they are not ready to bring forward a power of such magnitude. It requires Parliament to take too much on trust about the final outcome of the legislation. However, as I say, this is an old fashioned intervention.