Results 141–160 of 656 for speaker:Lord Eatwell

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Eatwell: I would like to reinforce the position of the official Opposition on this. We are totally behind what the noble Lords, Lord Lawson and Lord Turnbull, have said. It is disgraceful to suggest that investment banks that are not deposit-taking but offer a wide range of financial services should not come under this senior persons regime.

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Eatwell: As clarification, given what the Minister has said about wholesale deposits, if there was an organisation providing banking services on a fee-based basis, would it be alone? Would it be exempt?

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Eatwell: My Lords, I have an amendment in this group and it may be for the convenience of the Committee if I speak to it now. Before doing so, I would like to make two comments about the discussion that has gone on so far. First, Amendment 55 in the name of the noble Lord, Lord Deighton, which includes the meaning of what is a bank, requires very careful exposition by the Minister, because if it says...

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Eatwell: I was thinking of the Crown Dependencies.

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Eatwell: I just take up the Minister on that last point. Surely one of the key arguments about the ring-fence is that there is an implicit guarantee from the public authorities not to allow institutions within the ring-fence to fail. That implicit guarantee is worth a lot of money to those banks that have been too big to fail. Surely the whole point about the ring-fence is that those outwith it would...

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Eatwell: My Lords, we can forgive the noble Lord, Lord Newby, for taking some time to introduce the amendment and schedule; I believe that they are by themselves longer than the original Bill. It has been one of the significant matters that those of us who wish to comment on this legislation have had to digest. An issue that the noble Lord did not address, which has been a major concern in the...

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Eatwell: I wonder whether the Minister will allow me to comment on the series of measures he just outlined. All are worthy in their little way, but will he acknowledge that the Government have actually rejected the commission’s recommendation that there be, “a full public consultation on the extent of competition and its impact on consumers”.? This is what the Government are not giving.

Financial Services (Banking Reform) Bill: Committee (2nd Day) (15 Oct 2013)

Lord Eatwell: It would probably be helpful if I spoke now, and also introduced the amendment which is grouped with this one. I am grateful to the noble Lord, Lord Sharkey, for mentioning the comments that I made at Second Reading, but I feel that his amendment, while it raises a series of valuable issues, conflates some of them in a way which is not entirely helpful. The first point is the one that he also...

Financial Services (Banking Reform) Bill — Committee (1st Day) (Continued) (8 Oct 2013)

Lord Eatwell: My Lords, I am grateful to the noble Lord for introducing this set of amendments about pension schemes. The argument for the amendments raises two significant questions. We are talking here about transitional arrangements: about moving from a group pension scheme to what might in future be deemed to be necessarily separate schemes for the ring-fenced and non-ring-fenced components of a group....

Financial Services (Banking Reform) Bill — Committee (1st Day) (8 Oct 2013)

Lord Eatwell: The point that the Minister seems not to have taken on board is that the arguments for review and this power have to be seen as a coherent package. The point is that there would be that review; there would be a continuous independent review providing exactly the information that he says is necessary.

Financial Services (Banking Reform) Bill — Committee (1st Day) (8 Oct 2013)

Lord Eatwell: My Lords, what is particularly striking about the commission’s report, especially its final report, is the way in which it presents a coherent package of measures. This amendment fits together with the review amendment that we considered earlier as those two elements reinforce each other. As Amendment 117 makes clear, the review element is the key trigger for Parliament to consider whether...

Financial Services (Banking Reform) Bill — Committee (1st Day) (8 Oct 2013)

Lord Eatwell: My Lords, I echo the words of the noble Lord, Lord Turnbull. I think this is a significant improvement on the procedures that were previously outlined. I have a number of exploratory questions about this procedure. First, the regulator essentially seems to be judge and jury in this respect. It was the role of the old Regulatory Decisions Committee and, I believe, the ambition of the...

Financial Services (Banking Reform) Bill — Committee (1st Day) (8 Oct 2013)

Lord Eatwell: My Lords, the noble Lord, Lord Higgins, has raised a very important matter with respect to authorities outside the UK. The proposals under Glass-Steagall and under Liikanen are different from the ring-fence—the divisions appear in different places. In those circumstances, “similar powers” seems to be a very weak description, because they are similar but not the same. With respect to...

Financial Services (Banking Reform) Bill — Committee (1st Day) (8 Oct 2013)

Lord Eatwell: What if it stops?

Financial Services (Banking Reform) Bill — Committee (1st Day) (8 Oct 2013)

Lord Eatwell: My Lords, as I have tabled an amendment to the amendment moved by the noble Lord, Lord Turnbull, I believe that it is for me to withdraw my amendment first and for him to follow. The noble Lord, Lord Deighton, has two objections to the process of review, both of which have, I think, been demonstrated to be false. He said that the first was to secure consensus. From the discussion today, he...

Financial Services (Banking Reform) Bill — Committee (1st Day) (8 Oct 2013)

Lord Eatwell: My Lords, I have enormous sympathy with the amendments and the struggle that the Treasury is having in having effectively to provide rules for parent undertakings in relation to the maintenance of the ring-fence. In many ways, the amendments go at least some of the way to achieving that. However, I should like to ask a question which I asked at Second Reading and which was not answered then....

Financial Services (Banking Reform) Bill — Committee (1st Day) (8 Oct 2013)

Lord Eatwell: My Lords, I am in total agreement with what the noble Lord, Lord Turnbull, has said about the importance of the reviews of this process. We have to realise that we really are breaking new ground here. In a way, this is a leap in the dark and we have no idea whether it will work. Obviously a lot of effort has gone into trying to ensure that it will work, but it is such a novel innovation that...

Financial Services (Banking Reform) Bill — Committee (1st Day) (8 Oct 2013)

Lord Eatwell: My Lords, I wonder whether, in his assessment of the amendment of the noble Lord, Lord Blackwell, the Minister might take into account the fact that it was exactly this sort of procedure that led to the steady erosion of Glass-Steagall over the years. There was a tendency continuously to say, “Well, if we have a particular subsidiary, then perhaps we don’t need to have the separation in...

Financial Services (Banking Reform) Bill — Second Reading (24 Jul 2013)

Lord Eatwell: Before the Minister stands up, can I firmly second what the noble Baroness, Lady Kramer, has said? It would be enormously valuable if there were an ad hoc committee which could consider the secondary legislation, write a suitable report and thus inform the House’s debate.

Financial Services (Banking Reform) Bill — Second Reading (24 Jul 2013)

Lord Eatwell: My Lords, I am most grateful to the noble Lord, Lord Deighton, for introducing the Bill. In his introduction he acknowledged the work of the Independent Commission on Banking and the Parliamentary Commission on Banking Standards in developing the thinking behind the policies that this Bill is intended to implement. The whole House is grateful to noble Lords who are members of the...


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