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Clause 42

Part of Banking Bill – in a Public Bill Committee at 4:45 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 4:45 pm, 11th November 2008

We intend the Bill to put in place a permanent special resolution regime. We have been clear that there are things that are right and appropriate to put into primary legislation and that other matters rightly should be the province of secondary legislation, which is still permanent but where there is greater ability to make changes urgently. Other things are in the code and will be reviewed from time to time. The debate throughout the Committee stage has been about what is most appropriately put in which box—primary legislation, secondary legislation or a code. I hope that helps the hon. Gentleman.