Results 61–80 of 656 for speaker:Lord Eatwell

Bank of England and Financial Services Bill [HL]: Report (15 Dec 2015)

Lord Eatwell: My Lords, this amendment seeks to provide the Treasury Select Committee of another place with the ability to stimulate the oversight function of the Court of the Bank of England. It may be helpful to provide some context for this proposal. The measures in the Bill, in so far as they refer to the Bank of England, return the regulatory scope and powers of the Bank to roughly the same position...

Bank of England and Financial Services Bill [HL]: Committee (1st Day) (9 Nov 2015)

Lord Eatwell: The noble Lord, having not been present at our discussions, sadly, three years ago, has not appreciated the loss of confidence in this House in the general accountability of the Bank of England. Given the structure of the Bank of England and its role in national and international life, the position of the governor is extremely powerful, and quite rightly so. He needs to carry the gravitas and...

Bank of England and Financial Services Bill [HL]: Committee (1st Day) (9 Nov 2015)

Lord Eatwell: My Lords, I find this a somewhat naive and shocking part of this small Bill, in the sense that the clause under debate has two objectives. The first is to reduce the powers of the NEDs and the second is to reduce the powers of Parliament. Both of those goals I regard as reprehensible. As the noble Lord, Lord Tunnicliffe, set out, these issues were debated extensively in this Chamber with...

Bank of England and Financial Services Bill [HL]: Committee (1st Day) (9 Nov 2015)

Lord Eatwell: I am intrigued by the Treasury Select Committee’s recommendation of eight. Can the Minister tell us what would have been the composition among those eight recommended persons?

Bank of England and Financial Services Bill [HL]: Committee (1st Day) (9 Nov 2015)

Lord Eatwell: My Lords, the Bill reeks of the feeling that non-executive directors are a nuisance. Everywhere, we find the role of the non-executive directors in the Bank being reduced. This simple numerical reduction is something like arguing about the number of angels who can dance on a pin. None the less, let us remember why legislation was brought to this House and argued for so forcibly by the noble...

Bank of England and Financial Services Bill [HL]: Committee (1st Day) (9 Nov 2015)

Lord Eatwell: My Lords, I am grateful to those noble Lords who have spoken, and in particular to my noble friend Lord Tunnicliffe for his exposition of yet further confusion in letters from the Bank of England, or from whoever, attempting to explain what the Bill is really about. I must say that I am sympathetic to the suspicion in the mind of the noble Lord, Lord Flight, that “the Bank” means “the...

Bank of England and Financial Services Bill [HL]: Committee (1st Day) (9 Nov 2015)

Lord Eatwell: Why has the court’s responsibility been taken out of the Bill and replaced with “the Bank”? The Bill originally said that the court should consult the FPC, but now it says that the Bank must do so. The noble Lord is saying that that means the court, so what is the point of this amendment?

Bank of England and Financial Services Bill [HL]: Committee (1st Day) (9 Nov 2015)

Lord Eatwell: My Lords, as was evident in the speeches around the House at Second Reading, there is a feeling in this House that the Bill is a serious retrograde step from the measures taken in 2012 and 2013 following the financial crisis to strengthen the accountability and oversight of the Bank of England. The purpose of my Amendment 1 is to exemplify the argument that I made at Second Reading that the...

Bank of England and Financial Services Bill [HL]: Second Reading (26 Oct 2015)

Lord Eatwell: My Lords, I thank the noble Lord, Lord Bridges of Headley, for introducing the Bill, and welcome him to our debates on financial regulation. For those of us who spent many hours in your Lordships’ House examining, clause by clause, what were to become the Financial Services Act 2012 and the Financial Services (Banking Reform) Act 2013, achieving creative compromises with the then Minister,...

Banking System — Question (9 Feb 2015)

Lord Eatwell: My Lords, I am sure the Minister will confirm that the agreement with Switzerland to reveal tax information was made in 2011, after the coalition Government took office. Does he believe that confidence in the banking system is enhanced by the fact that concrete evidence of a major bank aiding and abetting tax evasion was comprehensively ignored by the coalition Government?

Employment: New Jobs — Question (27 Jan 2014)

Lord Eatwell: The Minister has referred continuously to “good news”. He has just referred to issues of efficiency in the public sector. Will he refer to the collapse in productivity in the private sector, which is the counterpart of the high level of employment, as also good news?

Banks: Payment Protection Insurance — Question (13 Jan 2014)

Lord Eatwell: My Lords, the noble Lord has not answered the point made by the noble Lord, Lord James, which was that individuals have to apply to the banks for restitution of PPI claims rather than the banks recognising the obligation that they know they have. Why are the Government letting the banks off the hook?

Financial Services (Banking Reform) Bill — Third Reading (9 Dec 2013)

Lord Eatwell: My Lords, the noble Lord, Lord Deighton, expressed the view that this was the final piece of the jigsaw in financial regulatory reform. He is going to be disappointed in that respect. What we have achieved is but a step on the road. Many issues have still not been addressed and many parts of the financial services industry have not been incorporated into the overall consideration of what is...

Financial Services (Banking Reform) Bill — Third Reading (9 Dec 2013)

Lord Eatwell: My Lords, I am delighted to support Amendment 26, which stands in the names of the noble Lord, Lord Deighton, and of my noble friend Lady Hayter of Kentish Town. She is very sorry she cannot be in her place this evening to say this herself, but she is very grateful to the Government not only for accepting the essence of her amendment, moved at Report, but also for turning in some far better...

Financial Services (Banking Reform) Bill — Third Reading (9 Dec 2013)

Lord Eatwell: My Lords, I welcome this amendment, which will add important coherence to the consideration of consumer affairs within the regulatory structure. Amendment 23 agreed. Amendment 24 Moved by Lord Deighton 24: After Clause 124, insert the following new Clause— “Duty to meet auditors of certain institutions (1) Part 22 of FSMA 2000 (auditors and actuaries) is amended as follows. (2) After...

Financial Services (Banking Reform) Bill — Third Reading (9 Dec 2013)

Lord Eatwell: My Lords, I was struck by the reply of the noble Lord, Lord Newby, on the issue of companies from other parts of the European Economic Area trading on the internet. He said that the Government are just beginning to look at this. It is extraordinary that the Treasury does not know, now, what are the particular rules that affect financial trading within the European Economic Area. That is...

Financial Services (Banking Reform) Bill — Third Reading (9 Dec 2013)

Lord Eatwell: My Lords, my noble friend Lord Mitchell in speaking to his amendment on the proposed date referred to 90 days. One might ask how 90 days can make a difference. Surely when the Government need something to be done they can get it done. The idea that somehow the whole process is so darn elaborate that they cannot do it in a period of time which saves 90 days on their side is, in the true...

Financial Services (Banking Reform) Bill — Third Reading (9 Dec 2013)

Lord Eatwell: My Lords, I am glad to see that the introduction of Clause 15 on Report has at last seen the Government take the recommendations of the Parliamentary Commission on Banking Standards seriously in this matter and introduce these amendments that capture most, though not all, of the recommendations. What we have left, as the noble Lord, Lord Turnbull, has pointed out, is something of a tripartite...

Financial Services (Banking Reform) Bill — Third Reading (9 Dec 2013)

Lord Eatwell: That is very helpful, but will the noble Lord therefore explain why proposed new Subsection (3B) begins with the word “If” rather than “When”?

Financial Services (Banking Reform) Bill — Third Reading (9 Dec 2013)

Lord Eatwell: My Lords, everyone in the House has from time to time expressed the view that this is a great experiment. We are not quite sure how the ring-fence will work and therefore it is appropriate that that it be monitored promptly and on a regular basis. I think this is a very sensible amendment—I would do, since I moved a version of it earlier—and I urge the House to support the Government.


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