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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 fear that I shall have to disappoint the hon. Gentleman. I do not want to get drawn into a detailed discussion of Bradford & Bingley or Kaupthing Singer & Friedlander and Edge as these are obviously very recent events. In response to those circumstances and to the thinking that that has engendered within the authorities, we believe that the flexibilities in the amendments and new clauses could be beneficial in situations that might occur. We believe that the additional flexibility could enable successful resolutions and, as I indicated in my initial remarks, potentially optimise the balance sheet of a bridge bank and make the transfer to a private sector purchaser more likely.