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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

I agree with the hon. Gentleman that a clear and sophisticated approach is being adopted to the legislation. Of course, the authorities will work extremely closely together on these matters. As we all appreciate, we are talking about exceptional circumstances. We have experienced such circumstances, and we have the examples of Northern Rock and Bradford & Bingley. We have learned lessons from those and the legislation that we have designed would have been appropriate in those circumstances. It will put a permanent regime in place that gives confidence to the financial markets that there is clarity in our approach. At the same time, our approach recognises that we cannot put the minutiae of future discussions between the three organisations in the Bill.