Financial Services Bill — Committee (2nd Day) (Continued)

Part of the debate – in the House of Lords at 8:45 pm on 15th March 2010.

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Photo of Lord Myners Lord Myners Parliamentary Secretary, HM Treasury 8:45 pm, 15th March 2010

I can only go over the ground that I have already covered. No one is suggesting that there are any weaknesses at the moment in the authorities and powers of the Bank of England or its approach to the management of the stability of the financial system. The Treasury has come across no situations in which it believes that the Bank might be inhibited or restricted by statute from performing the function which we would look to the Bank of England to carry out, nor has the Bank of England in the representations that it has made to us in connection with the Bill cited this as an area where it would suggest that it would be appropriate to mirror the wording which is used for the FSA.