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Clause 1 - Deputy Governors

Part of Financial Services Bill – in a Public Bill Committee at 11:00 am on 21st February 2012.

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Photo of Jesse Norman Jesse Norman Conservative, Hereford and South Herefordshire 11:00 am, 21st February 2012

May I say how much I welcome, as a member of the Treasury Committee, the Chancellor’s decision? I also welcome the emphasis that the Minister has placed on the substance of the supervision of the Bank, rather than on the language of the supervisory board. One of the weaknesses—if one can admit to it—of the Treasury Committee’s proposal was that the term “supervisory board” had a connotation of a German-style supervisory board. I do not think that anyone wants to bring that to the court of the Bank of England. The substance of his remarks is very much to be welcomed.