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| | the level of net lending to private non-financial corporations over that |
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| To move the following Clause:— |
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| | ‘After section 50(3)(f) of the Financial Services Act 2012, insert— |
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| | “(g) | making provision for the increased diversity of the financial |
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| | services sector and promotion of mutual societies, including |
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| | arrangements to measure the number of members of mutual |
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| | societies, and the market share for mutual societies as a |
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| | proportion of the UK financial services sector.”.’. |
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| To move the following Clause:— |
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| | ‘(1) | The Bank of England must, at least once in every year, prepare an assessment of |
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| | any progress which has been made towards the introduction of a bank bail-in |
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| | regime in the United Kingdom or, once a bank bail-in regime has been |
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| | introduced, of its operation. |
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| | (2) | If a bank bail-in regime is not in force in the United Kingdom by the end of 2015, |
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| | the Treasury must by regulations make provision for such a regime. |
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| | (3) | an assessment under subsection (1) must include— |
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| | (a) | an assessment of how much of the issued debt of banks would be covered |
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| | by any proposed bank bail-in regime or is covered by the provisions of |
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| | the bank bail-in regime in force; |
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| | (b) | (if a bank bail-in regime is in force) an account of the sorts of companies |
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| | within groups which have creditors who are covered by the bank bail-in |
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| | regime and of the sorts of persons who are creditors who are so covered; |
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| | (c) | a review of the descriptions of creditors who would be covered by any |
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| | proposed bail-in regime or are covered by the provisions of the bank bail- |
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| | (d) | an account of progress towards international co-operation in relation to |
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| | (4) | The Bank of England must send the assessment to the Treasury. |
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| | (5) | The Treasury must lay the assessment before Parliament. |
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| | (6) | The Bank of England must publish the assessment in such manner as they think |
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| | (7) | In this section “bank bail-in regime” means provisions under which losses |
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| | incurred by a bank are to be met by certain descriptions of creditors of the bank |
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| | should the bank encounter financial difficulties which might otherwise lead to the |
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| | taking of action which would be likely to have implications for public funds. |
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| | (8) | For the purposes of subsection (7) “action having implications for public funds” |
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| | has the same meaning as in section 78(1) of the Banking Act 2009. |
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| | (9) | In this section “bank” means a UK institution which has permission under Part |
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| | 4A of FSMA 2000 to carry on the regulated activity of accepting deposits, other |
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| | than a building society (within the meaning of the Building Societies Act 1986) |
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| | or any description of institution excluded by virtue of subsection (2)(b) of section |
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| | 142A of that Act from being a ring-fenced body as defined in subsection (1) of |
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| | Annual assessment of developments in respect of risk-weighting |
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| To move the following Clause:— |
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| | ‘(1) | The Bank of England must, at least once in every year, prepare an assessment of |
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| | developments in respect of risk-weighting in relation to banks and building |
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| | (2) | The Bank must send the assessment to the Treasury. |
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| | (3) | The Treasury must lay the assessment before Parliament. |
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| | (4) | The Bank of England must publish the assessment in such manner as they think |
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| | (5) | In this section “risk weighting” means the process by which the assets of a bank |
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| | or building society are accorded a risk weight. |
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| | “bank” means a UK institution which has permission under Part 4A of |
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| | FSMA 2000 to carry on the regulated activity of accepting deposits, other |
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| | than any description of institution excluded by virtue of subsection (2)(b) |
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| | of section 142A of that Act from being a ring-fenced body as defined in |
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| | subsection (1) of that section (or a building society); |
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| | “building society” has the same meaning as in the Building Societies Act |
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| | “risk weight” means a percentage that is derived from the risk to the value |
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| | Financial services compensation scheme extension |
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| To move the following Clause:— |
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| | ‘(1) | Section 213 of FSMA 2000 (The compensation scheme) is amended as follows. |
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| | (a) | omit the “and” following paragraph (a), |
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| | (b) | after paragraph (b) insert— |
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| | (c) | that where a relevant person operates under more than |
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| | one brand, the compensation scheme applies to each |
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| | brand as if each was a separate authorised person.”. |
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| | (a) | omit the “and” following paragraph (a), |
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| | (b) | after that paragraph insert— |
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| | “(aa) | to extend the limit of any compensation payable to |
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| | persons making a claim in appropriate circumstances |
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| | where the loss exceeds the limit that would otherwise |
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| | apply as a result of a temporary high deposit, and”.’. |
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| | Limits on excessive market power |
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| To move the following Clause:— |
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| | ‘(1) | With effect from 1 January 2020 no ring-fenced body or group of ring-fenced |
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| | bodies may have excessive market power in respect of a core banking service. |
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| | (2) | For the purposes of section (1) above core banking service means— |
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| | (a) | the provision of personal current accounts and overdrafts; |
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| | (b) | the provision of liquidity management services for small and medium- |
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| | (c) | the provision of mortgage services; |
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| | (d) | the provision of savings accounts; |
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| | (e) | the provision of unsecured personal loans. |
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| | (3) | For the purposes of section (1) excessive market power is defined as a market |
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| | share equal to 20% or higher. |
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| | (4) | If any ring-fenced body or group of ring-fenced bodies is deemed by the |
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| | appropriate regulator to have excessive market power in relation to any core |
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| | banking service for two successive accounting periods, with effect from six |
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| | months after the end of the second accounting period, the part 4A permission for |
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| | the ring fenced body or group of ring-fenced bodies shall be treated as having |
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| | been cancelled as it relates to that core banking service.’. |
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| Title, line 4, after ‘insolvency;’, insert ‘to make provision in relation to a bank bail-in |
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