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 12

Banking Bill – in a Public Bill Committee at 1:30 pm on 6th November 2008.

Alert me about debates like this

Temporary Public Ownership

Photo of Eric Illsley Eric Illsley Labour, Barnsley Central

With this it will be convenient to discuss Government amendment No. 91.

Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform, Economic Secretary, HM Treasury

These minor amendments are technical clarifications to the code of practice provisions in relation to banks and temporary public ownership. Amendment No. 90 removes the requirement for the code of practice to make provision about the content of share transfer orders. Every share transfer order will be different, as determined by the particular bank in question. As such, it is not appropriate for the code of practice to attempt to describe in detail the content of such orders.

Amendment No. 91 clarifies the code of practice provisions in relation to banks in temporary public ownership. As currently drafted, the code would have to make provision about the management of transferees. However, the code should not provide guidance on the management of the owner of the bank in temporary public ownership, that is the company fully owned by the Treasury or a nominee of the Treasury. Rather the code needs to make provision about the management of the bank itself.

Amendment agreed to.

Amendment made: No. 91, in clause 12, page 7, line 5, leave out ‘transferees under share transfer orders’ and insert

‘banks taken into temporary public ownership under this section’.—[Ian Pearson.]

Clause 12, as amended, ordered to stand part of the Bill.

Clauses 13 to 15 ordered to stand part of the Bill.