Committee (1st Day)

Part of Financial Services Bill – in the House of Lords at 8:00 pm on 26 June 2012.

Alert me about debates like this

Photo of Lord McFall of Alcluith Lord McFall of Alcluith Labour 8:00, 26 June 2012

I thank noble Lords for their contributions. It has been a very interesting debate. I had more of an idea what things are about at the beginning of my speech than I did at the end and whether it is the oversight committee or the court. Perhaps the Minister could just clarify whether the chair of the court will chair the oversight committee and whether the oversight committee will be composed of non-executives, with no officer of the Bank on the oversight committee. I cannot see that detailed in the Bill.

I agree with noble Lords in asking why we need another committee. The reason why I asked the Minister questions earlier was that the Treasury Committee in another place is very firm that this proposal does not plug the gap. In the light of the debate, there needs to be a review from the Government and they need to come back to us on Report so that we can get some clarity when it goes back to the other House. The core of this is corporate governance. If we get good corporate governance on the court, there will be no need for the oversight committee at all.

The noble Lord, Lord Turnbull, had a very good suggestion. Why do we not combine my amendment with the Government's amendment and then we can come back to this matter, look at it and, I hope, all agree? I beg leave to withdraw my amendment.

Amendment 11 withdrawn.

Sitting suspended.

Amendment 12

Moved by Lord McFall of Alcluith

12: After Clause 1, insert the following new Clause-

"Publication of court minutes

(1) Section 2 of the Bank of England Act 1998 (functions of court of directors) is amended as follows.

(2) After subsection (5) insert-

"(6) After each meeting of the court, the Bank shall publish minutes of the meeting before the end of the period of two weeks beginning with the day of the meeting.

(7) Subsection (6) shall not apply to minutes of any proceedings where the court has decided that publication should be delayed for reasons of confidentiality or because publication would endanger financial stability.

(8) Where any part of the court's minutes is not published under the provisions of subsection (7), the Chairman of the court shall inform the Chairman of the Treasury Committee of the House of Commons of the reasons.

(9) Any part of the minutes of a meeting of the court must be published as soon as the court has decided that the considerations in subsection (7) no longer apply.""