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Clause 88

Banking Bill – in a Public Bill Committee at 2:00 pm on 13th November 2008.

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Liquidation committee: supplemental

Question proposed, That the clause stand part of the Bill.

Photo of Peter Viggers Peter Viggers Conservative, Gosport

It is quite unusual to read that a meeting is quorate

“only if all the members are present”, as specified by subsection (2). I realise that under subsection (6) it is possible for the nominating body under clause 87(2) to replace its nominee at any time, but it could be quite inconvenient to call three people  together under the same roof at short notice. The point would be completely resolved if being present was interpreted as being present in person or by telephone, which may be the interpretation the law would put on the clause. It is a tiny point, but I should be reassured if the Minister could look into it.

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

I confirm that the liquidation we are talking about in this subsection is stage one of the liquidation process, so it is just the liquidation committee: the Bank, the FSA and the FSCS. It is right that all three should be present. I am sure that the Bill has not been written in a way that is completely inflexible. There would be representatives from those organisations, but all three should be present and involved in the decisions that are being taken at the initial stage.

Question put and agreed to.

Clause 88 ordered to stand part of the Bill.