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Public Bill Committee: 21st October 2008                

16

 

Banking Bill, continued

 
 

[Registration of charges: Scotland] and 231 extend’.

 


 

New Clauses

 

“Financial institution”

 

Ian Pearson

 

NC3

 

Parliamentary Star    

To move the following Clause:—

 

‘(1)    

The Treasury may by order provide that a specified institution, or an institution

 

of a specified class, is or is not to be treated as a financial institution for the

 

purposes of section 214 or 215.

 

(2)    

An order—

 

(a)    

shall be made by statutory instrument, and

 

(b)    

shall be subject to annulment in pursuance of a resolution of either House

 

of Parliament.’.

 


 

Registration of charges: Scotland

 

Ian Pearson

 

NC4

 

Parliamentary Star    

To move the following Clause:—

 

‘(1)    

The Bankruptcy and Diligence etc. (Scotland) Act 2007 is amended as follows.

 

(2)    

In section 38 (creation of floating charges)—

 

(a)    

in subsection (3), after “to” insert “subsection (3A) and”, and

 

(b)    

after that subsection insert—

 

“(3A)    

If a floating charge is granted in favour of a central institution, it

 

is created only when the document granting the floating charge

 

is executed by the company granting the charge.”

 

(3)    

In section 42 (assignation of floating charges), after subsection (3) add—

 

“(4)    

This section does not apply where a floating charge is assigned (whether

 

in whole or to a specified extent) to or by a central institution.”

 

(4)    

In section 43 (alteration of floating charges)—

 

(a)    

in subsection (4), for “But paragraph” substitute “Paragraph”, and

 

(b)    

after that subsection insert—

 

“(4A)    

Paragraph (b) of subsection (3) above does not apply in respect

 

of an alteration if—

 

(a)    

the holder of the floating charge is a central institution,

 

or

 

(b)    

the holder of the floating charge is not a central

 

institution but the alteration is to be made in connection


 
 

Public Bill Committee: 21st October 2008                

17

 

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

 

Parliamentary Star    

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

 

Parliamentary Star    

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: 21st October 2008                

18

 

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

 

Parliamentary Star    

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: 21st October 2008                

19

 

Banking Bill, continued

 
 


 
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