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189

 

House of Commons

 
 

Tuesday 19th February 2008

 

Committee of the whole House

 

Proceedings

 

Banking (Special Provisions) Bill


 

Clause 1 Agreed to.

 

Mr George Osborne

 

Mr Vincent Cable

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Negatived on division  13

 

Clause  2,  page  1,  line  13,  after ‘if (and only if)’, insert—

 

‘(i)    

’.

 

Mr George Osborne

 

Mr Vincent Cable

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Not called  14

 

Clause  2,  page  1,  line  16,  at end insert ‘and

 

(ii)    

the Treasury has laid before both Houses of Parliament a Minute

 

setting out a scheme for the management of the authorised UK

 

deposit-taker following the exercise of this power, including

 

provisions setting out the strategic objectives for the business as

 

determined by the Treasury and further provisions to ensure the

 

independent day-to-day management of the business of the

 

authorised UK deposit-taker to achieve these objectives.’.

 

Mr Michael Fallon

 

Withdrawn  1

 

Clause  2,  page  2,  line  2,  leave out ‘Treasury consider’ and insert ‘Bank of England

 

considers’.

 

Mr George Osborne

 

Mr Philip Hammond

 

Negatived on division  10

 

Clause  2,  page  2,  line  40,  leave out ‘one year’ and insert ‘one month’.

 

Clause Agreed to.


 
 

Committee of the whole House : 19th February 2008          

190

 

Banking (Special Provisions) Bill, continued

 
 

Clauses 3 to 5 Agreed to.

 


 

Mr George Osborne

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Not selected  12

 

Clause  6,  page  5,  line  36,  at end insert—

 

‘(1A)    

No order under subsection (1) shall be made in respect of a building society.’.

 

Mr George Osborne

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Negatived on division  12A

 

Clause  6,  page  5,  line  36,  at end insert—

 

‘(1A)    

No order under subsection (1) shall be made in respect of the property, rights and

 

liabilities of a building society.’.

 

Clause Agreed to.

 

Clauses 7 and 8 Agreed to.

 


 

Rob Marris

 

Not selected  5

 

Clause  9,  page  8,  line  20,  leave out ‘may’ and insert ‘shall’.

 

Clause Agreed to.

 


 

Mr George Osborne

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Not selected  15

 

Page  10,  line  32,  leave out Clause 11.

 

Clause Agreed to.

 


 

Mr Michael Fallon

 

Not called  2

 

Clause  11,  page  10,  line  33,  after ‘may’, insert ‘on the advice of the Bank of

 

England’.


 
 

Committee of the whole House : 19th February 2008          

191

 

Banking (Special Provisions) Bill, continued

 
 

Mr Michael Fallon

 

Not called  3

 

Clause  11,  page  10,  line  37,  leave out from ‘provided’ to end of line 38 and insert

 

‘in circumstances where the Bank of England considers that there would be serious threat

 

to the stability of the financial system if the assistance were not provided’.

 

Clause Agreed to.

 


 

Rob Marris

 

Not selected  6

 

Clause  12,  page  11,  line  21,  after ‘appropriate’, insert ‘and necessary’.

 

Rob Marris

 

Not called  7

 

Clause  12,  page  11,  leave out lines 43 to 45.

 

Clause Agreed to.

 


 

Mr George Osborne

 

Mr Vincent Cable

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Not called  11

 

Clause  13,  page  12,  line  14,  leave out from ‘Act’ to end of line 15 and insert ‘may

 

not be made unless a draft has been laid before and approved by both Houses of

 

Parliament’.

 

Clause Agreed to.

 

Clause 14 Agreed to.

 


 

Rob Marris

 

Not selected  8

 

Clause  15,  page  14,  line  3,  after ‘indebtedness’, insert—

 

‘(c)    

fixed charges and floating charges,’.

 

Clause Agreed to.

 


 

Mr Michael Fallon

 

Not called  4

 

Clause  16,  page  15,  line  32,  at end insert—


 
 

Committee of the whole House : 19th February 2008          

192

 

Banking (Special Provisions) Bill, continued

 
 

‘(1A)    

The Chancellor of the Exchequer shall lay before Parliament a quarterly report of

 

expenditure under subsection (1).’.

 

Clause Agreed to.

 

Clause 17 Agreed to.

 


 

Rob Marris

 

Not called  9

 

Schedule  1,  page  19,  line  18,  at end insert ‘provided that any such modification

 

does not of itself adversely affect the pension entitlement of any individual who is a

 

member of any occupational pension scheme of the deposit-taker subject to the relevant

 

order’.

 

Schedule Agreed to.

 

Schedule 2 Agreed to.

 


 

New Clauses

 

Impact on competition

 

Mr George Osborne

 

Mr Vincent Cable

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Not called  nc1

 

To move the following Clause:—

 

‘Where an authorised deposit-taker is subject to an order made under section 3 or

 

where the property, rights and liabilities of an authorise UK deposit-taker have

 

been transferred to a body corporate under section 6, the Office of Fair Trading

 

shall—

 

(a)    

lay before Parliament annually a report on the impact on the

 

competitiveness of the market in the UK of the activities of the authorised

 

deposit-taker or of the body corporate to which property rights and

 

liabilities have been transferred (as the case may be), and

 

(b)    

report to Parliament as soon as it identifies a significant adverse effect on

 

the competitiveness of the market in the United Kingdom as a result of

 

the activities of the authorised deposit-taker or of the body corporate to

 

which property rights and liabilities have been transferred (as the case

 

may be).’.

 



 
 

Committee of the whole House : 19th February 2008          

193

 

Banking (Special Provisions) Bill, continued

 
 

Freedom of information

 

Mr George Osborne

 

Mr Vincent Cable

 

Mr Philip Hammond

 

Mr Mark Hoban

 

Not called  nc2

 

To move the following Clause:—

 

‘Where an authorised deposit-taker is subject to an order made under section 3 or

 

where the property, rights and liabilities of an authorised UK deposit-taker have

 

been transferred to a body corporate under section 6, that deposit-taker or body

 

corporate shall be deemed—

 

(a)    

to be a publicly-owned company for the purposes of section 3(1)(b);

 

(b)    

to hold information on behalf of the Treasury for the purposes of section

 

3(2)(b);

 

of the Freedom of Information Act 2000.

 

Bill reported without Amendment.

 

Bill read the third time on division, and passsed.

 


 
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