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My Lords, I am not clear on the spread of the committee’s responsibility. For example, who will deal with the problem of $3 trillion being put through the City every day to deal with various contracts? There is high competition over them between several European countries, and New York in particular. Who will deal with that?
My Lords, where loans are bundled and sold off, does that exclude the possibility of any of them being written off?
My Lords, I do not understand that. The loans are sold off and the buyer expects to make a profit. He is not going to make a profit if he then finds that some of the assets are now withdrawn.
Entered the House of Lords in 1998
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