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Part of Bank of England and Financial Services Bill [HL] – in the House of Lords at 5:00 pm on 15th December 2015.

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Photo of Lord Myners Lord Myners Non-affiliated 5:00 pm, 15th December 2015

My Lords, I also congratulate the Minister and the parties involved on finding a pragmatic and workable solution to a problem identified in earlier discussion in this House. I also echo the point made by the noble Lords, Lord Higgins and Lord McFall. Proposed new Section 7E starts:

The Bank and the Comptroller must prepare and maintain a memorandum of understanding”.

There is no mention of the word “publication”, yet in proposed new subsection (2)(d) “publication” is used. On the face of it, the absence of “publication” from the beginning of the section is intentional. As such, that surely should be unacceptable. I therefore urge the Minister at some later stage to persuade his colleagues in the other place that “publication” should be included, and to give this House some reassurance now that it is his intention that the memorandum of understanding should be published. Otherwise, the public will not have the confidence that they seek in clarifying this issue.