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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 Peter Viggers Peter Viggers Conservative, Gosport 9:45 am, 6th November 2008

The Minister is seeking to reassure us about the procedures for consultation in relation to the pulling of the trigger—I should certainly like to be reassured on that. The procedure will work only if the Bank is sufficiently tasked and staffed so that it is capable of staying close enough to the situation for the consultation to be worth while. It is no good for the FSA to have the staff or monitoring capacity if the Bank is slightly divorced because it is unable to participate through a lack of resources. Will the Minister reassure us that the Bank will be resourced sufficiently to remain close enough to the situation to be worth consulting over such matters?