Clause 229

Part of Banking Bill – in a Public Bill Committee at 3:30 pm on 30 October 2008.

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Photo of Mark Hoban Mark Hoban Shadow Minister (Treasury) 3:30, 30 October 2008

I have a quick question for the Minister. The matter was covered in the Banking (Special Provisions) Act 2008, but it is covered in this Bill too.

The building societies are limited in the amount of wholesale funding that they can use. It was 50 per cent., although the Bill sponsored by my hon. Friend the Member for Bournemouth, West (Sir John Butterfill) provided for that to be increased to 75 per cent. I think that the Banking (Special Provisions) Act said that financial assistance, where given, should be disregarded for the purposes of calculating the 50 per cent. limit. Is that still the case in this Bill?