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House of Commons


Tuesday 4th November 2008


Public Bill Committee Proceedings


Banking Bill


[Ninth and Tenth Sittings]


Clause 1 Agreed to.


Ian Pearson


Agreed to  87


Clause  2,  page  2,  line  28,  at end insert—


‘( )    

Where a stabilisation power is exercised in respect of a bank, it does not cease to


be a bank for the purposes of this Part if it later loses the permission referred to


in subsection (1).’.


Clause, as amended, Agreed to.



Ian Pearson


Agreed to  88


Clause  3,  page  3,  line  1,  leave out from ‘assistance”’ to end of line 2 and insert ‘has


the meaning given by section [“Financial assistance”].’.


Clause, as amended, Agreed to.



Mr Mark Hoban


Withdrawn  77


Clause  4,  page  3,  line  19,  at end insert ‘; and for the avoidance of doubt, this


includes ensuring—



continuity of service; and



unrestricted access to deposits.’.


Mr Colin Breed


Dr John Pugh


Not called  74


Clause  4,  page  3,  line  19,  at end insert—


Public Bill Committee Proceedings: 4th November 2008      



Banking Bill, continued



Objective 3A is to protect and safeguard the value of the enterprise.’.


Mr Mark Hoban


Not called  78


Clause  4,  page  3,  line  20,  at end insert ‘and to ensure that the expenditure of any


public or private funds is done in an economically efficient manner.’.


Mr Mark Hoban


Not called  76


Clause  4,  page  3,  line  22,  at end insert—



Objective 6 is to protect the interest of creditors.



Objective 7 is to avoid distorting competition amongst banks.’.


Mr Mark Hoban


Not called  79


Clause  4,  page  3,  line  24,  at end add—



In respect of Objective 7, competition law shall apply to a bank, whether it is


wholly or partly owned or controlled by the Government, including a bank to


which sections 9 and 12 apply.



Where a bank is wholly or partly owned or controlled by the Government and


where section 214 applies, the bank is prohibited from using its favourable


position or Government support to its commercial advantage and thereby to


prevent, restrict or distort competition in the market for financial services as a


whole, or on a product by product basis.



For the purposes of subsection (10) competition law includes the provisions of the


Competition Act 1998 and the Enterprise Act 2002, and European Community


law competition provisions.



For the purposes of subsections (10) and (11) ownership or control shall be


determined by reference to sections 26 and 29 of the Enterprise Act 2002 and by


reference, where Community law applies, to the Council Regulation 130/2004


(the European Merger Regulations).’.


Clause Agreed to.



Mr Mark Hoban


Question proposed  81


Clause  5,  page  3,  line  35,  at end insert—



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


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


[Adjourned till Thursday at 9.00 a.m.

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