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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 understand the point that my hon. Friend is making. I want to be clear that we are intending to make progress and issue secondary legislation to provide the safeguards that are reflected in clauses 42, 43 and 55, as I have already outlined to the Committee. We think that with regard to partial transfer powers we should outline the principles in the code. My hon. Friend will see the draft legislation that is in the “Special resolution regime: safeguards for partial property transfers” consultation document. I confirm the Government’s intention, following consultation, to proceed with it.