Schedule 2 - Further amendments relating to Bank of England

Part of Financial Services Bill – in a Public Bill Committee at 6:30 pm on 28th February 2012.

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Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury 6:30 pm, 28th February 2012

It is a funny thing, but one of the important measures in the schedule has not been touched on, which is why we have moved from two five-year terms to one eight-year term. We have made that change, and perhaps a schedule stand part debate is welling up in the mind of the hon. Member for Nottingham East. We are not banning someone from being demoted from Governor to deputy governor. I think that is unlikely to happen, but the facility is there.

The important thing is to ensure that someone may have one term as Governor, and not more than two terms as deputy governor. That is reasonable. I do not  think we should preclude someone who ends up as Governor from deciding that they fancy a term in charge of financial stability.