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| | Thursday 23rd October 2008 |
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| | [Third and Fourth Sittings]
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| | Clause 156, page 81, line 4, after ‘the’, insert ‘Authority to make rules enabling |
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| | Clause 156, page 81, line 6, after ‘expenses’, insert ‘relating to the powers |
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| | exercisable under sections 10 to 12 and Parts 2 and 3 of the Banking Act 2008’. |
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| | Clause 156, page 81, leave out lines 7 to 9 and insert— |
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| | | ‘(2) | Rules made by the Authority may make provision about the establishment and |
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| | | management of contingency funds provided that such rules are limited to the |
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| | | deposit protection element of the compensation scheme; in particular, the rules |
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| | | may make provision about—’. |
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| | Clause 156, page 81, line 12, leave out from first ‘the’ to end of line 13 and insert |
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| | ‘contributions payable by banks and building societies’. |
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| | Clause 156, page 81, line 16, leave out ‘classes of person’ and insert ‘banks and |
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| | Clause 156, page 81, line 20, at end insert ‘and ensuring that no such investment |
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| | shall cause there to be a prevention, restriction or distortion of competition in the relevant |
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| | Clause 156, page 81, line 23, after ‘compensation’, insert ‘for depositors’. |
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| | Clause 156, page 81, line 27, at end insert— |
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| | | ‘(2A) | In making any provision by virtue of subsection (2)(c) the Treasury must take |
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| | | account of the desirability of ensuring that the amount of the levies imposed on a |
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| | | particular class of authorised person reflects, so far as practicable, the amounts of |
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| | | claims made, in respect of that class of person.’. |
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| | Clause 156, page 81, line 27, at end insert— |
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| | | ‘(2A) | The amount of payments into the funds by virtue of subsection (2)(d) may vary |
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| | | between persons in each class.’. |
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| | | Clause Agreed to on division. |
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| | Clause 159, page 83, line 30, after ‘loan,’, insert ‘which shall not be higher than the |
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| | Bank of England base rate,’. |
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| | Clause 159, page 83, line 31, after ‘conditions’, insert ‘which shall ensure that |
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| | repayment of the loan is made on a fair basis.’. |
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| | Clause 159, page 83, line 36, at end insert ‘(and the regulations may have effect |
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| | despite any provision of this Act);’. |
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| | Clause 159, page 83, line 37, leave out ‘classes of person’ and insert ‘banks and |
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| | Clause 159, page 83, line 38, at end insert— |
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| | | ‘(4A) | In making any provision by virtue of subsection (4)(c) the Treasury must take |
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| | | account of the desirability of ensuring that the amount of the levies imposed on a |
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| | | particular class of authorised person reflects, so far as practicable, the amount of |
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| | | claims made, in respect of that class of person.’. |
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| | | Clause, as amended, Agreed to. |
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| | | Clauses 160 to 164 Agreed to. |
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| | Clause 165, page 86, line 27, at end insert— |
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| | | ‘(4) | Any scheme agent who reneges on their contract of employment will be subject |
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| | | (5) | The Chancellor of the Exchequer may make such regulations as are necessary for |
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| | | the establishment of a penalty. |
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| | | (6) | The power to make regulations under subsection (5) is exercisable by statutory |
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| | | (7) | A statutory instrument containing regulations under subsection (5) may not be |
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| | | made unless a draft of it has been laid before and approved by resolution of the |
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| | [Adjourned till Tuesday 28th October at 10.30 a.m. |
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