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Clause 205

Banking Bill – in a Public Bill Committee at 6:45 pm on 28th October 2008.

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Ceasing the business of issuing notes

Question proposed, That the clause stand part of the Bill.

Photo of David Gauke David Gauke Shadow Minister (Treasury)

The clause states:

“If an authorised bank at any time after commencement stops issuing banknotes, it may not resume issuing banknotes in reliance on” these provisions. Can the Minister confirm that that would not apply if a bank stopped issuing banknotes owing to circumstances beyond its control, such as industrial action or damage to the printing works? That is not clear in the Bill.

Photo of Angela Eagle Angela Eagle The Exchequer Secretary, Member, Labour Party National Executive Committee

I am happy to give the hon. Gentleman that assurance. The clause would apply if the decision was taken to stop issuing banknotes, not because of a sudden mechanical breakdown of the printing machinery. I hope that that reassures him.

Question put and agreed to.

Clause 205 ordered to stand part of the Bill.