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Part of Bank of England and Financial Services Bill [HL] – in the House of Lords at 8:00 pm on 15th December 2015.

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Photo of Lord Bridges of Headley Lord Bridges of Headley The Parliamentary Secretary, Cabinet Office, The Parliamentary Secretary, Cabinet Office 8:00 pm, 15th December 2015

Finally, my Lords, this amendment implements a recommendation of the Delegated Powers Committee made in relation to Clause 29 in its 11th report.

The clause permits the Treasury to make regulations authorising a bank to issue banknotes in Scotland or Northern Ireland in place of an existing issuer in the same group. The designation date on which the authorisation of the new issuer takes effect and the authorisation of the existing issuer ceases must either be set out in the regulations or published by the Treasury in accordance with the regulations.

The Delegated Powers Committee noted:

“A similar arrangement is allowed for in the Bank of Ireland (UK) plc Act 2012, but that obliges the board of the Bank of Ireland (UK) to publish notice in the London Gazette and the Belfast Gazette of the day appointed, and to do so before that day”.

The Delegated Powers Committee recommended that an equivalent requirement as to publicity should apply under the Bill.

The amendment will ensure that wherever the regulations authorising a new issuer do not set out the designation date, they must require the Treasury to publish notice of the designation date in the relevant Gazettes. This will be in the LondonGazette and EdinburghGazette where a bank is being authorised to issue Scottish banknotes, or the LondonGazette and Belfast Gazette where the bank is being authorised to issue Northern Ireland banknotes. I beg to move.