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Clause 7

Part of Banking Bill – in a Public Bill Committee at 9:45 am on 6th November 2008.

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Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform, Economic Secretary, HM Treasury 9:45 am, 6th November 2008

As my hon. Friend knows, we have consulted widely on the Bill. We have talked extensively to the Bank of England and the FSA, so it is not as if there has not been an enormous amount of discussion  on how the tripartite authorities will work together. There is consensus on the legislation that it is an appropriate way forward. In the evidence-taking sessions that we had at the beginning of the Committee, there was widespread acceptance, when the FSA and the Bank of England were asked questions by members of the Committee, that this was a workable and sensible way forward. We are following that in the Bill.