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Clause 193

Part of Banking Bill – in a Public Bill Committee at 6:00 pm on 28th October 2008.

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Photo of Stewart Hosie Stewart Hosie Shadow Chief Whip (Commons), Shadow Spokesperson (Treasury) 6:00 pm, 28th October 2008

It was my understanding that banks would continue to be able to issue, but that there would be a higher bar should a new bank emerge and say, “I want to issue a banknote”, which is highly unlikely. However, a question emerges from that: if the Lloyds TSB-HBOS merger goes ahead, would the Bank of Scotland part of the new organisation continue to be an authorised bank under the new legislation, and therefore entitled to continue to issue notes?