You are here: Parliament home page > Parliamentary business > Bills and legislation > Bills before Parliament > Commons Bill
          House of Commons portcullis
House of Commons		 Session 2007 - 08
Internet Publications
Other Bills before Parliament

 
 

23

 

House of Commons

 
 

Tuesday 11th November 2008

 

Public Bill Committee Proceedings

 

Banking Bill

 

[Thirteenth and Fourteenth Sittings]

 

Mr David Gauke

 

Withdrawn  128

 

Clause  30,  page  13,  line  31,  after second ‘instrument’, insert ‘made under this Act’.

 

Mr David Gauke

 

Not called  129

 

Clause  30,  page  13,  line  33,  at end insert ‘and’.

 

Mr David Gauke

 

Not called  130

 

Clause  30,  page  13,  line  34,  leave out ‘other’.

 

Mr David Gauke

 

Not called  131

 

Clause  30,  page  13,  line  36,  after ‘instrument,’, insert ‘or’.

 

Mr David Gauke

 

Not called  132

 

Clause  30,  page  13,  line  37,  leave out ‘or otherwise’.

 

Clause Agreed to.

 

 

Mr David Gauke

 

Withdrawn  133

 

Clause  31,  page  14,  line  6,  leave out ‘or’.

 

Mr David Gauke

 

Not called  134

 

Clause  31,  page  14,  line  7,  leave out ‘in any other way’ and insert ‘common law’.

 
 

Public Bill Committee Proceedings: 11th November 2008      

24

 

Banking Bill, continued

 
 

Mr Peter Bone

 

Not called  114

 

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

 

‘(3A)    

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

 

Mr David Gauke

 

Not called  135

 

Clause  31,  page  14,  line  12,  leave out ‘(by any name)’.

 

Clause Agreed to.

 

 

Mr David Gauke

 

Withdrawn  136

 

Clause  32,  page  14,  line  23,  leave out ‘(including legislation of the European

 

Union)’.

 

Clause Agreed to.

 

Clause 33 Agreed to.

 

 

Mr David Gauke

 

Withdrawn  137

 

Clause  34,  page  15,  line  20,  leave out ‘despite the transfer’ and insert ‘as if the

 

transferee is the transferor’.

 

Clause Agreed to.

 

 

Mr David Gauke

 

Withdrawn  138

 

Clause  35,  page  15,  line  34,  at end insert ‘or’.

 

Mr David Gauke

 

Not called  139

 

Clause  35,  page  15,  leave out lines 37 to 41.

 

Clause Agreed to.

 

 
 

Public Bill Committee Proceedings: 11th November 2008      

25

 

Banking Bill, continued

 
 

Mr David Gauke

 

Withdrawn  140

 

Clause  36,  page  16,  line  19,  after ‘means’, insert ‘property which is’.

 

Mr David Gauke

 

Not called  141

 

Clause  36,  page  16,  line  20,  leave out ‘property’ and insert ‘physically situated’.

 

Mr David Gauke

 

Not called  142

 

Clause  36,  page  16,  line  21,  leave out ‘rights and liabilities under foreign law’ and

 

insert ‘a right in action which exists only under the jurisdiction outside the UK

 

(disregarding any arbitration provisions)’.

 

Mr David Gauke

 

Withdrawn  143

 

Clause  36,  page  16,  line  32,  leave out subsection (6).

 

Clause Agreed to.

 

Clauses 37 and 38 Agreed to.

 

 

Ian Pearson

 

Agreed to  96

 

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

 

Clause, as amended, Agreed to.

 

Clause 40 Agreed to.

 

 

Ian Pearson

 

Agreed to  97

 

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

 

Clause, as amended, Agreed to.

 

 

Mr David Gauke

 

Not moved  144

 

Clause  42,  page  19,  line  26,  after ‘include’, insert ‘any’.

 

Clause Agreed to.

 
 

Public Bill Committee Proceedings: 11th November 2008      

26

 

Banking Bill, continued

 
 

Clause 43 Agreed to.

 

 

Ian Pearson

 

Agreed to  98

 

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

 

Ian Pearson

 

Agreed to  99

 

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

 

scheme for determining’.

 

Ian Pearson

 

Agreed to  100

 

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

 

transferors to be paid compensation,’.

 

Ian Pearson

 

Agreed to  101

 

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

 

Mr David Gauke

 

Withdrawn  145

 

Clause  44,  page  21,  line  10,  leave out ‘things transferred’ and insert ‘the bridge

 

bank or bank in public ownership, or any property or rights of the bridge bank or bank in

 

public ownership’.

 

Clause, as amended, Agreed to.

 

Clauses 45 to 47 Agreed to.

 

 

Ian Pearson

 

Agreed to  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

 

Agreed to  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],’.

 

Ian Pearson

 

Agreed to  104

 

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

 
 

Public Bill Committee Proceedings: 11th November 2008      

27

 

Banking Bill, continued

 
 

‘(ca)    

the Bank of England makes a reverse property transfer instrument under

 

section [Reverse property transfer],’.

 

Ian Pearson

 

Agreed to  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],’.

 

Mr David Gauke

 

Withdrawn  146

 

Clause  48,  page  22,  line  21,  at end insert ‘(which may, in particular, make

 

provision in respect of specified classes of creditor, for rights in addition to any they may

 

have by virtue of any resolution order).’.

 

Clause, as amended, Agreed to.

 

 

Ian Pearson

 

Agreed to  106

 

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

 

Ian Pearson

 

Agreed to  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.’.

 

Clause, as amended, Agreed to.

 

Clause 50 Agreed to.

 

 

Ian Pearson

 

Agreed to  108

 

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

 

Ian Pearson

 

Agreed to  109

 

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

 

(d)    

monitors.’.

 

Clause, as amended, Agreed to.

 

 
 

Public Bill Committee Proceedings: 11th November 2008      

28

 

Banking Bill, continued

 
 

Mr David Gauke

 

Mr Mark Hoban

 

Withdrawn  115

 

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

 

‘(e)    

to act fairly’.

 

Mr Colin Breed

 

Dr John Pugh

 

Withdrawn  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

 

been invoked.’.

 

Mr David Gauke

 

Not called  147

 

Clause  52,  page  24,  line  40,  at end insert ‘or to third parties.’.

 

Clause Agreed to.

 

 

Ian Pearson

 

Agreed to  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

 

Withdrawn  148

 

Clause  53,  page  25,  line  11,  at end insert ‘or’.

 

Mr David Gauke

 

Not called  149

 

Clause  53,  page  25,  line  12,  leave out from ‘England’ to end of line 13.

 

Mr David Gauke

 

Withdrawn  150

 

Clause  53,  page  25,  line  20,  leave out ‘subserviate it to’ and insert ‘subordinate the

 

requirement to the’.

 

Mr David Gauke

 

Not called  151

 

Clause  53,  page  25,  line  22,  leave out ‘its extent’ and insert ‘the extent of the

 

requirement’.

 
 

Public Bill Committee Proceedings: 11th November 2008      

29

 

Banking Bill, continued

 
 

Mr David Gauke

 

Mr Mark Hoban

 

Not called  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.’.

 

Clause, as amended, Agreed to.

 

 

Mr David Gauke

 

Mr Mark Hoban

 

Withdrawn  117

 

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

 

‘pre-transfer creditors and shareholders’.

 

Ian Pearson

 

Agreed to  111

 

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

 

Clause, as amended, Agreed to.

 

 

Mr David Gauke

 

Withdrawn  152

 

Clause  55,  page  26,  line  4,  leave out from ‘shall’ to ‘that’ in line 5 and insert

 

‘ensure’.

 

Mr David Gauke

 

Not called  153

 

Clause  55,  page  26,  line  7,  leave out ‘it’ and insert ‘the residual bank’.

 

Mr David Gauke

 

Mr Mark Hoban

 

Not called  118

 

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

 

‘(d)    

to be determined fairly.’.

 

Mr David Gauke

 

Withdrawn  154

 

Clause  55,  page  26,  leave out line 41.

 

Clause Agreed to.

 

 
contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries
© Parliamentary copyright 2008
Revised 12 November 2008