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Clause 1 - Deputy Governors

Part of Financial Services Bill – in a Public Bill Committee at 12:30 pm on 21st February 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 12:30 pm, 21st February 2012

May I draw the hon. Gentleman’s attention to page 13 of the Bill and new section 9V to the Bank of England Act 1998—“Directions requiring information or documents”? Subsection (2) gives the Bank the power to issue directions to the Financial Conduct Authority or the PRA requiring the regulators

“to provide the Bank with specified information or information of a specified description”.

That is the power for the FPC or the Bank to request information in pursuit of financial stability. I hope that the hon. Gentleman will be satisfied with that assurance.