Building Societies (Financial Assistance) Order 2010 — Motions to Approve

– in the House of Lords at 3:36 pm on 24th March 2010.

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Moved By Lord Myners

That the draft orders laid before the House on 8 February and 1 March be approved.

Relevant Documents: 9th and 10th Reports from the Joint Committee on Statutory Instruments, considered in Grand Committee on 18 March.

Photo of Lord Myners Lord Myners Parliamentary Secretary, HM Treasury

My Lords, I beg to move en bloc the two Motions standing in my name on the Order Paper.

Photo of Lord Naseby Lord Naseby Conservative

Does the Minister recognise, as I think he does, the importance of the mutual building societies movement to our country? Will he confirm that nothing has happened in the recent past to alter the need for these two statutory instruments?

Photo of Lord Myners Lord Myners Parliamentary Secretary, HM Treasury

I am very happy to confirm the Government's absolute commitment to the concept of mutuality, a form of ownership which has served its members well and has been free from much of the scandal and mischief that we have associated with the plc model in the financial services sector. The proposals in the orders are designed to ensure that the sector remains resilient and that we have available to us a wide range of resolution instruments should they ever be required.

Motions agreed.