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Clause 39

Part of Banking Bill – in a Public Bill Committee at 12:15 pm on 11th November 2008.

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Photo of Ian Pearson Ian Pearson Parliamentary Under-Secretary (Economic and Business), Department for Business, Enterprise & Regulatory Reform, Economic Secretary (Economic and Business), HM Treasury 12:15 pm, 11th November 2008

I do not want to get drawn on to that ground. We should bear in mind that we often deal with situations in which action needs to be taken very swiftly indeed, with only limited time for detailed analysis. As I explained earlier, in some cases due diligence will not have been possible. In those circumstances, having the flexibility needed to take rapid action can help to maintain the value of a failing bank. I think the hon. Gentleman broadly accepts what we are trying to do with the powers and he is trying to press us on the detail. I have explained to him why some of that is difficult, but the powers are, in our view, worth while and needed.