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Clause 42

Part of Banking Bill – in a Public Bill Committee at 5:00 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 5:00 pm, 11th November 2008

I am not sure to which “may” my hon. Friend is referring. The policy intention is to provide a strong safeguard that provides protection to bespoke agreements, to agreements made under industry-recognised master netting agreements and to provide, as part of that context, clearly defined protection. This is something that the industry has welcomed and has been asking questions about and we will be responding to the consultation exercise.