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Clause 219

Banking Bill – in a Public Bill Committee at 2:45 pm on 30th October 2008.

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Chair of court

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

Photo of Mark Hoban Mark Hoban Shadow Minister (Treasury)

The clause gives the Chancellor of the Exchequer the power to designate a member of the court to chair its meeting. Could the Minister elaborate, confirming whether that will be an executive or non-executive member of the court?

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

The clause provides for the court to continue being chaired by a non-executive. Although, under the Bank of England Act 1998, the Governor chairs the Bank’s court of directors, since 2003 the Governor has delegated the chairmanship of court to one of the non-executive directors. This change formalises in legislation what has been practice since 2003. It is a sensible provision, which formalises the Bank’s current practice and is fully supported by the Bank of England. I hope that the hon. Gentleman will be happy for the clause to stand part of the Bill.

Question put and agreed to.

Clause 219 ordered to stand part of the Bill.

Clause 220 ordered to stand part of the Bill.