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11

 

House of Commons

 
 

Thursday 30th October 2008

 

Public Bill Committee Proceedings

 

Banking Bill

 

[seventh and eighth Sittings]

 

Ian Pearson

 

Agreed to  28

 

Clause  214,  page  102,  line  9,  leave out ‘UK authorised institution’ and insert ‘bank

 

or other financial institution’.

 

Ian Pearson

 

Agreed to  29

 

Clause  214,  page  102,  line  15,  leave out paragraphs (b) and (c).

 

Clause, as amended, Agreed to.

 

 

Ian Pearson

 

Agreed to  30

 

Clause  215,  page  102,  line  26,  leave out ‘UK authorised institution’ and insert

 

‘bank or other financial institution’.

 

Ian Pearson

 

Agreed to  31

 

Clause  215,  page  102,  line  28,  leave out subsection (2).

 

Clause, as amended, Agreed to.

 

 

Mr Mark Hoban

 

Withdrawn  58

 

Clause  216,  page  103,  leave out lines 9 to 11.

 

Mr Mark Todd

 

Not called  48

 

Clause  216,  page  103,  line  9,  leave out ‘, consulting the Treasury, determine and’.

 
 

Public Bill Committee Proceedings: 30th October 2008      

12

 

Banking Bill, continued

 
 

Mr Mark Todd

 

Not called  49

 

Clause  216,  page  103,  line  11,  at end insert ‘and monitor the delivery of that

 

strategy’.

 

Mr Mark Hoban

 

Not called  59

 

Clause  216,  page  103,  leave out lines 13 to 19 and insert—

 

‘(1)    

There shall be a committee of the Bank, known as the Financial Stability

 

Committee of the Bank of England, consisting of—

 

(a)    

the Governor and Deputy Governor of the Bank,

 

(b)    

two members appointed by the Governor of the Bank after consultation

 

with the Chancellor of the Exchequer, and

 

(c)    

four members appointed by the Chancellor of the Exchequer.

 

(2)    

Of the two members appointed under subsection (1)(b)—

 

(a)    

one shall be a person who has executive responsibility within the Bank

 

for financial stability analysis, and

 

(b)    

the other shall be a person who has executive resopnsibility within the

 

Bank for financial stability operations.

 

(3)    

The Chancellor of the Exchequer shall only appoint a person under subsection

 

(1)(c) if he is satisfied that the person has knowledge or experience which is likely

 

to be relevant to the Committee’s functions and after consultation with the

 

Governor of the Bank.

 

(4)    

The Treasury Committee of the House of Commons may hold an inquiry into any

 

appointment made under subsection (1)(c).’.

 

Mr Mark Todd

 

Not called  50

 

Clause  216,  page  103,  line  13,  leave out from ‘a’ to ‘consisting’ in line 14 and

 

insert ‘Financial Stability Committee’.

 

Mr Mark Hoban

 

Not called  68

 

Clause  216,  page  103,  line  14,  leave out from ‘of’ to end of line 19 and insert ‘8

 

non-executive directors of the Bank appointed by the chair of the court of directors

 

(designated under paragraph 13 of Schedule 1).’.

 

Mr Mark Todd

 

Not called  51

 

Clause  216,  page  103,  line  17,  at end insert ‘two other executives of the Bank

 

appointed by the Treasury, and’.

 

Mr Mark Todd

 

Not called  52

 

Clause  216,  page  103,  line  18,  leave out from ‘4’ to end of line 19 and insert ‘other

 

members appointed by the Treasury following a transparent appointment process

 

overseen by the Commissioner for Public Appointments.

 

(1A)    

A person appointed under subsection (1)(c)—

 

(a)    

must not be an executive of the Bank or a member of the court of

 

directors of the Bank;

 

(b)    

must not be an active participant in financial markets;

 
 

Public Bill Committee Proceedings: 30th October 2008      

13

 

Banking Bill, continued

 
 

(c)    

should have recent experience of financial markets, knowledge of legal

 

or accountancy matters relevant to the special resolution regime under

 

the Banking Act 2008, and international experience.’.

 

Mr Mark Todd

 

Not called  53

 

Clause  216,  page  103,  leave out lines 21 to 23.

 

Mr Mark Hoban

 

Not called  62

 

Clause  216,  page  103,  line  21,  leave out from first ‘to’ to ‘implementation’ in line

 

22 and insert ‘decide upon the’.

 

Mr Mark Hoban

 

Not called  70

 

Clause  216,  page  103,  line  21,  leave out from first ‘to’ to first ‘the’ in line 22 and

 

insert ‘monitor’.

 

Mr Mark Hoban

 

Not called  69

 

Clause  216,  page  103,  leave out lines 24 to 29.

 

Mr Mark Hoban

 

Not called  60

 

Clause  216,  page  103,  line  24,  leave out ‘give advice about’ and insert ‘decide’.

 

Mr Mark Hoban

 

Not called  61

 

Clause  216,  page  103,  line  27,  leave out ‘give advice about’ and insert ‘decide’.

 

Mr Mark Todd

 

Not called  54

 

Clause  216,  page  103,  leave out lines 30 to 32.

 

Mr Mark Hoban

 

Not called  71

 

Clause  216,  page  103,  leave out lines 33 to 35.

 

Mr Mark Todd

 

Not called  55

 

Clause  216,  page  103,  line  33,  leave out ‘court of directors’ and insert ‘Treasury’.

 

Mr Mark Todd

 

Mr Mark Hoban

 

Not called  56

 

Clause  216,  page  103,  leave out lines 42 to 43.

 

Mr Mark Hoban

 

Withdrawn  64

 

Clause  216,  page  103,  line  43,  at end insert—

 

‘(6)    

Proceedings of the Committee shall be made public in good time unless

 

disclosure of the proceedings would result in a threat to financial stability.’.

 
 

Public Bill Committee Proceedings: 30th October 2008      

14

 

Banking Bill, continued

 
 

Mr Mark Todd

 

Not called  57

 

Clause  216,  page  104,  line  16,  leave out ‘to (e)’ and insert ‘or (c)’.

 

Mr Mark Hoban

 

Not called  63

 

Clause  216,  page  104,  line  23,  at end add—

 

‘(3)    

At the end of section 2(1) of the Bank of England Act 1998 insert “and the

 

Financial Stability Objective”’.

 

Clause Agreed to.

 

Clauses 217 to 220 Agreed to.

 

 

Mr Mark Hoban

 

Withdrawn  65

 

Clause  221,  page  105,  line  24,  at beginning insert—

 

‘(A1)    

In paragraph 1 of Schedule 1 to the Bank of England Act 1998 (Governor and

 

Deputies: appointment) for sub-paragraph (1) substitute—

 

  “(1)  

Appointment as Governor of the Bank shall be for a period of 8 years.

 

    (1A)  

Appointment as Deputy Governor of the Bank shall be for a period of

 

5 years.”’.

 

Mr Mark Hoban

 

Not called  66

 

Clause  221,  page  105,  line  24,  leave out from first ‘of’ to ‘add’ in line 25 and insert

 

‘that paragraph of that Schedule’.

 

Mr Mark Hoban

 

Not called  67

 

Clause  221,  page  105,  line  26,  leave out ‘twice’ and insert ‘once’.

 

Clause Agreed to.

 

Clauses 222 and 223 Agreed to.

 

 

Ian Pearson

 

Agreed to  32

 

Clause  224,  page  106,  line  27,  at end insert—

 

‘(c)    

an authority in a country or territory outside the United Kingdom which

 

exercises functions similar to those of the Treasury, the Bank of England

 

or the Financial Services Authority in relation to financial stability;

 

(d)    

the European Central Bank.’.

 

Clause, as amended, Agreed to.

 
 

Public Bill Committee Proceedings: 30th October 2008      

15

 

Banking Bill, continued

 
 

Clause 225 Agreed to.

 

 

Mr Mark Hoban

 

Mr David Gauke

 

Withdrawn  9

 

Clause  226,  page  106,  line  39,  after ‘person’, insert ‘, in connection with the

 

exercise of functions by any person under the Banking Act 2008,’.

 

Clause Agreed to.

 

Clause 227 Agreed to.

 

 

Dr John Pugh

 

Mr Colin Breed

 

Dr Vincent Cable

 

Negatived on division  11

 

Clause  228,  page  107,  line  28,  leave out ‘or in any other way’.

 

Clause Agreed to.

 

Clauses 229 to 233 Agreed to.

 

[Adjourned till Tuesday 4th November at 10.30 a.m.

 
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