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93

 

House of Commons

 
 

Thursday 6th November 2008

 

Public Bill Committee

 

New Amendments handed in are marked thus Parliamentary Star

 

Parliamentary Star - whiteAmendments which will comply with the required notice period at their next appearance

 

Banking Bill


 

Note

 

The Amendments have been arranged in accordance with the Order of the

 

Committee [21st October].

 


 

Clause 5.

 

Amendment (No. 81) proposed, in page 3, line 35, at the end, to insert the words—

 

‘(ca)    

how to determine whether the threshold conditions under section 41(1)

 

of the Financial Services and Markets Act 2000 will be breached,’.

 

—(Mr Mark Hoban.)

 

Question proposed, That the Amendment be made.

 


 

Ian Pearson

 

89

 

Clause  5,  page  3,  line  39,  leave out paragraph (f).

 

Mr Mark Hoban

 

80

 

Clause  5,  page  4,  line  3,  leave out ‘have regard to the code’ and insert ‘comply with

 

the code or publish an explanation of why they were unable to comply with the code in

 

good time after their actions,’.

 



 
 

Public Bill Committee: 6th November 2008                

94

 

Banking Bill, continued

 
 

Mr Mark Hoban

 

82

 

Clause  6,  page  4,  line  11,  leave out ‘and’.

 

Mr Mark Hoban

 

83

 

Clause  6,  page  4,  line  14,  at end insert ‘, and

 

(d)    

those persons whom it considers to have relevant knowledge of those

 

matters.’.

 

Mr Mark Hoban

 

85

 

Clause  6,  page  4,  line  17,  at end insert ‘only after complying with the requirements

 

set out in subsection (1).’.

 

Mr Mark Hoban

 

84

 

Clause  6,  page  4,  line  18,  at end add—

 

‘(5)    

The code shall not come into force unless it has been approved by a resolution of

 

each House of Parliament.’.

 


 

Mr Colin Breed

 

Dr John Pugh

 

Mr Mark Hoban

 

75

 

Clause  7,  page  4,  line  27,  leave out ‘not reasonably likely’ and insert ‘highly

 

unlikely’.

 

Mr Mark Hoban

 

86

 

Clause  7,  page  4,  line  38,  leave out subsection (6).

 


 

Ian Pearson

 

90

 

Clause  12,  page  7,  leave out line 4.

 

Ian Pearson

 

91

 

Clause  12,  page  7,  line  5,  leave out ‘transferees under share transfer orders’ and

 

insert ‘banks taken into temporary public ownership under this section’.

 



 
 

Public Bill Committee: 6th November 2008                

95

 

Banking Bill, continued

 
 

Mr Peter Bone

 

113

 

Clause  16,  page  8,  line  10,  at end insert—

 

‘(3A)    

Subsection (3) has effect notwithstanding any provision in European Union law.’.

 


 

Ian Pearson

 

92

 

Clause  25,  page  11,  line  23,  at end insert ‘—

 

(a)    

provides for the transfer of securities which were issued by the bank

 

before the original instrument and have not been transferred by the

 

original instrument or another supplemental share transfer instrument;

 

(b)    

’.

 


 

Ian Pearson

 

93

 

Clause  26,  page  12,  line  2,  leave out paragraph (a) and insert—

 

‘(a)    

provides for the transfer of securities which were issued by the bank

 

before the original order and have not been transferred by the original

 

order or another supplemental share transfer order;’.

 

Ian Pearson

 

94

 

Clause  26,  page  12,  line  18,  leave out ‘10(2)’ and insert ‘12(2)’.

 


 

Ian Pearson

 

95

 

Clause  27,  page  12,  line  25,  leave out paragraph (a) and insert—

 

‘(a)    

provides for the transfer of—

 

(i)    

securities which were issued by the bank before the original

 

order and have been transferred by the original order or a

 

supplemental share transfer order, or

 

(ii)    

securities which were issued by the bank after the original

 

order;’.

 


 

Mr Peter Bone

 

114

 

Clause  31,  page  14,  line  7,  at end insert—


 
 

Public Bill Committee: 6th November 2008                

96

 

Banking Bill, continued

 
 

‘(3A)    

Subsection (3) has effect notwithstanding any provision in European Union law.’.

 


 

Ian Pearson

 

96

 

Clause  39,  page  17,  line  39,  leave out subsection (5).

 


 

Ian Pearson

 

97

 

Clause  41,  page  19,  line  4,  leave out subsection (4).

 


 

Ian Pearson

 

98

 

Clause  44,  page  21,  line  6,  leave out ‘establishing a scheme for’.

 

Ian Pearson

 

99

 

Clause  44,  page  21,  line  7,  leave out ‘determining’ and insert ‘establishing a

 

scheme for determining’.

 

Ian Pearson

 

100

 

Clause  44,  page  21,  line  7,  after ‘compensation,’, insert ‘or providing for

 

transferors to be paid compensation,’.

 

Ian Pearson

 

101

 

Clause  44,  page  21,  line  8,  at beginning insert ‘establishing a scheme for’.

 


 

Ian Pearson

 

102

 

Clause  48,  page  22,  line  13,  at end insert—

 

‘(aa)    

the Treasury makes a reverse share transfer order under section [Reverse

 

share transfer],’.

 

Ian Pearson

 

103

 

Clause  48,  page  22,  line  15,  at end insert—

 

‘(ba)    

the Bank of England makes a bridge bank reverse share transfer

 

instrument under section [Bridge bank: reverse share transfer],’.


 
 

Public Bill Committee: 6th November 2008                

97

 

Banking Bill, continued

 
 

Ian Pearson

 

104

 

Clause  48,  page  22,  line  17,  leave out ‘or’ and insert—

 

‘(ca)    

the Bank of England makes a reverse property transfer instrument under

 

section [Reverse property transfer],’.

 

Ian Pearson

 

105

 

Clause  48,  page  22,  line  18,  at end insert—

 

    

‘, or

 

(da)    

the Treasury make a reverse property transfer order under section

 

[Temporary public ownership: reverse property transfer],’.

 

Ian Pearson

 

106

 

Clause  49,  page  22,  line  23,  leave out ‘must’ and insert ‘may’.

 

Ian Pearson

 

107

 

Clause  49,  page  22,  line  25,  at end insert ‘; and subsections (2) to (5) apply to an

 

order which includes provision for an independent valuer.’.

 


 

Ian Pearson

 

108

 

Clause  51,  page  23,  line  38,  leave out ‘and’.

 

Ian Pearson

 

109

 

Clause  51,  page  23,  line  39,  at end insert ‘, and—

 

(d)    

monitors.’.

 


 

Mr David Gauke

 

Mr Mark Hoban

 

115

 

Clause  52,  page  24,  line  26,  at end insert—

 

‘(e)    

to act fairly’.

 

Mr Colin Breed

 

Dr John Pugh

 

72

 

Clause  52,  page  24,  line  28,  leave out from ‘must’ to end of line 31 and insert ‘take

 

into account such financial assistance provided by the Bank of England or the Treasury

 

as would have been likely to have been provided to the bank if the SRR powers had not


 
 

Public Bill Committee: 6th November 2008                

98

 

Banking Bill, continued

 
 

been invoked.’.

 


 

Ian Pearson

 

110

 

Clause  53,  page  25,  line  8,  at end insert—

 

‘(2A)    

A resolution fund order may include provision for—

 

(a)    

an independent valuer to make a determination under the order (in which

 

case sections 49(2) to (5), 50 and 51 shall apply);

 

(b)    

valuation principles to be applied in making a determination (in which

 

case section 52(2) shall apply).’.

 

Mr David Gauke

 

Mr Mark Hoban

 

116

 

Clause  53,  page  25,  line  31,  at end insert—

 

‘(7)    

A resolution fund order and any action taken as a consequence of subsection (3)

 

must be consistent with fairness.’.

 


 

Mr David Gauke

 

Mr Mark Hoban

 

117

 

Clause  54,  page  25,  line  35,  leave out ‘persons other than a transferor’ and insert

 

‘pre-transfer creditors and shareholders’.

 

Ian Pearson

 

111

 

Clause  54,  page  25,  line  40,  leave out ‘and 50’ and insert ‘to 51’.

 


 

Mr David Gauke

 

Mr Mark Hoban

 

118

 

Clause  55,  page  26,  line  35,  at end insert—

 

‘(d)    

to be determined fairly.’.

 


 

Ian Pearson

 

112

 

Clause  56,  page  27,  line  6,  after ‘order’, insert—

 

‘(a)    

shall be made by statutory instrument, and


 
 

Public Bill Committee: 6th November 2008                

99

 

Banking Bill, continued

 
 

(b)    

’.

 


 

Mr David Gauke

 

Mr Mark Hoban

 

119

 

Clause  65,  page  32,  line  10,  at end insert ‘, where the Treasury is satisfied that not

 

to do so threatens the stability of, or confidence in, the UK financial system’.

 

Ian Pearson

 

12

 

Clause  65,  page  32,  line  22,   leave out subsection (5).

 

Mr David Gauke

 

Mr Mark Hoban

 

120

 

Clause  65,  page  32,  line  39,  after ‘(8)(b),’, insert ‘in order to protect the stability of,

 

or confidence in, the UK financial systems’.

 

Mr David Gauke

 

Mr Mark Hoban

 

121

 

Clause  65,  page  32,  line  42,  leave out from ‘days’ to ‘beginning’ in line 44.

 

Mr Colin Breed

 

Dr John Pugh

 

73

 

Page  32,  line  7,  leave out Clause 65.

 


 

Ian Pearson

 

17

 

Clause  157,  page  83,  line  3,  at end insert—

 

‘(2)    

At the end of section 223(3) of the Financial Services and Markets Act 2000

 

(management expenses) add “;

 

(c)    

under section 214B.”’.

 


 

Ian Pearson

 

13

 

Clause  109,  page  57,  line  25,   leave out subsection (2).

 



 
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