Public Bill Committee: 23rd October 2008

26

Banking Bill, continued

with a floating charge which is held (or which has been

or is to be held) by a central institution.”

(5)	In section 44 (discharge of floating charges), after subsection (3) add—

“(4)	This section does not apply where the floating charge to be discharged

(whether in whole or to a specified extent) is or has been held by a central

institution.”

(6)	In section 47 (interpretation), after “Part—” insert—

“central institution” means—

(a)	the Bank of England,

(b)	the central bank of a country or territory outside the United

Kingdom, or

(c)	the European Central Bank;”.’

“Enactment”

Ian Pearson

NC5

To move the following Clause:—

‘In this Act “enactment” includes—

(a)	subordinate legislation,

(b)	an Act of the Scottish Parliament and an instrument under an Act of the

Scottish Parliament, and

(c)	Northern Ireland legislation.’.

Objectives of the compensation scheme for depositors

Mr Mark Hoban

Mr David Gauke

NC1

To move the following Clause:—

‘(1)	This section sets out the objectives for the compensation scheme for depositors.

(2)	Objective 1 is to maintain customers’ confidence in the UK banking system

regardless of whether the bank is incorporated in the UK or another EEA country.

(3)	Objective 2 is to be able to make payments to depositors within seven days and

to have eligibility criteria, qualification processes and information requirements

which facilitate that.

(4)	Objective 3 is to ensure that there are compensation arrangements for each bank

brand.

Public Bill Committee: 23rd October 2008

27

Banking Bill, continued

(5)	Objective 4 is to require that the scheme pays customers their gross balance and

that any amounts due from customers are collected in the usual way.’.

Compensation payable to depositors

Mr Mark Hoban

Mr David Gauke

NC2

To move the following Clause:—

‘(1)	Each depositor will be entitled to receive from the manager of the scheme referred

to in section [Objectives of the compensation scheme for depositors] a sum which

is the lower of—

(a)	the deposit protection amount; and

(b)	the gross balance held by the person.

(2)	The “deposit protection amount” is £50,000.

(3)	The Treasury may by order amend the figure in subsection (2).

(4)	An order under this section may not be made unless a draft statutory instrument

containing such an order has been laid before, and approved by a resolution of,

each House of Parliament.’.

Order of the House [14th OCTOBER 2008]

That the following provisions shall apply to the Banking Bill:

Committal

1.	The Bill shall be committed to a Public Bill Committee.

Proceedings in Public Bill Committee

2.	Proceedings in the Public Bill Committee shall (so far as not previously

concluded) be brought to a conclusion on Tuesday 18th November 2008.

3.	The Public Bill Committee shall have leave to sit twice on the first day on

which it meets.

Consideration and Third Reading

4.	Proceedings on consideration shall (so far as not previously concluded) be

brought to a conclusion one hour before the moment of interruption on the

day on which those proceedings are commenced.

5.	Proceedings on Third Reading shall (so far as not previously concluded) be

brought to a conclusion at the moment of interruption on that day.

6.	Standing Order No. 83B (Programming committees) shall not apply to

proceedings on consideration and Third Reading.

Other proceedings

7.	Any other proceedings on the Bill (including any proceedings on

consideration of Lords Amendments or on any further messages from the

Lords) may be programmed.

Public Bill Committee: 23rd October 2008

28

Banking Bill, continued

Order of the Committee [21st October 2008]

That—

(1)	the Committee shall (in addition to its first meeting at 10.30 a.m. on Tuesday

21st October) meet—

(a)	at 4.30 p.m. on Tuesday 21st October;

(b)	at 9.00 a.m. and 1.00 p.m. on Thursday 23rd October;

(c)	at 10.30 a.m. and 4.30 p.m. on Tuesday 28th October;

(d)	at 9.00 a.m. and 1.00 p.m. on Thursday 30th October;

(e)	at 10.30 a.m. and 4.30 p.m. on Tuesday 4th November;

(f)	at 9.00 a.m. and 1.00 p.m. on Thursday 6th November;

(g)	at 10.30 a.m. and 4.30 p.m. on Tuesday 11th November;

(h)	at 9.00 a.m. and 1.00 p.m. on Thursday 13th November;

(i)	at 10.30 a.m. and 4.30 p.m. on Tuesday 18th November;

(2)	the Committee shall hear oral evidence in accordance with the following

Table:

TABLE

	Date	Time	Witness
	Tuesday 21st October	Until no later than 12 noon	HM Treasury
	Tuesday 21st October	Until no later than 1.00 p.m.	Bank of England; Financial
			Services Authority; Financial
			Services Compensation Scheme
	Tuesday 21st October	Until no later than 5.45 p.m.	British Bankers’ Association;
			Building Societies Association;
			London Investment Banking
			Association
	Tuesday 21st October	Until no later than 7.00 p.m.	Association of British Insurers;
			Investment Management
			Association; Citizens Advice
			Bureau; Which?

(3)	proceedings on consideration of the Bill in Committee shall be taken in the

following order: Clauses 155 and 156; Clauses 158 to 233; Clauses 1 to 76;

Clause 157; Clauses 77 to 154; Clauses 234 to 240; new Clauses; new

Schedules; remaining proceedings on the Bill;

(4)	the proceedings shall (so far as not previously concluded) be brought to a

conclusion at 7.00 p.m. on Tuesday 18th November.

---

Revised 23 October 2008