Only a few days to go: We’re raising £25,000 to keep TheyWorkForYou running and make sure people across the UK can hold their elected representatives to account.

Donate to our crowdfunder

Clause 7

Part of Banking Bill – in a Public Bill Committee at 9:15 am on 6th November 2008.

Alert me about debates like this

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform, Economic Secretary, HM Treasury 9:15 am, 6th November 2008

Nobody wants precipitate action taken when a bank gets into difficulties, but I also hope that nobody wants the situation to be left so that it is too late to exercise stabilisation powers in a timely manner. The question is what balance needs to be struck and what judgments need to be made in that area? I fully understand the points made by the hon. Member for South-East Cornwall; he wants to probe us on the conditions and establish whether the bar is being set at the right level. We believe it is and I shall explain why.