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Clause 65

Part of Banking Bill – in a Public Bill Committee at 9:30 am on 13th 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 9:30 am, 13th November 2008

I remember talking about directors maintaining their legal rights, and I will undertake to discuss with officials whether that should be put in legislation.

A further example relates to shadow directorship. It may be necessary in certain circumstances for the Bank of England or the Treasury to give directions to the  board to ensure that the public interest objectives of the resolution are met. That applies in particular to the initial stages of the resolution, when stabilising banking business is paramount and public funds might be at greatest risk. In some circumstances, therefore, it might be appropriate to disapply various provisions of the Companies Acts in relation to the authorities’ conduct during the resolution, such as shadow directorship.