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Clause 216

Part of Banking Bill – in a Public Bill Committee at 2:15 pm on 30th October 2008.

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Photo of Angela Eagle Angela Eagle The Exchequer Secretary, Member, Labour Party National Executive Committee 2:15 pm, 30th October 2008

Obviously, the financial stability committee’s work will relate to a range of work that the tripartite system itself, in all of its forms, will be doing to monitor the circumstances of the market. For example, although we do not discuss it in the clause, the FSA has the duty to monitor particularly important market participants on an ongoing basis. I do not anticipate that a problem that serious would suddenly emerge and would not have been tracked earlier as a potential risk. I do not envisage a problem with getting monitoring and advice in a space of time that was too short to draw together the members of the financial stability committee—