|
| |
| | |
| | |
| |
| | |
| | |
| | Wednesday 19th November 2008 |
|
| | |
| | |
| | | Remuneration of senior staff of rescued banks |
|
| | |
| | | |
| | To move the following Clause:— |
|
| | | ‘(1) | This section applies in respect of any institution (a “rescued bank”) taking part in |
|
| | | the bank recapitalistion fund (“the fund”) announced by the Chancellor of the |
|
| | | Exchequer on 8th October 2008. |
|
| | | (2) | The Treasury must make regulations about the remuneration of senior staff of |
|
| | | |
| | | (3) | Regulations under subsection (2) must provide that— |
|
| | | (a) | remuneration arrangements are such that senior staff are given no |
|
| | | financial incentive to take unnecessary and excessive risks that threaten |
|
| | | the value of the rescued bank; |
|
| | | (b) | a rescued bank may recover from a senior member of staff any bonus or |
|
| | | similar payment which is based on statements which are later shown to |
|
| | | be materially inaccurate; |
|
| | | (c) | a rescued bank may make no golden parachute payment to its senior staff. |
|
| | | (4) | In this section “senior staff” and “golden parachute” have such meaning as shall |
|
| | | be prescribed in regulations under subsection (2). |
|
| | | (5) | Regulations under subsection (2) shall cease to apply to a rescued bank if, and |
|
| | | only if, it ceases to take part in the fund. |
|
| | | (6) | Regulations under this section— |
|
| | | (a) | shall be made by statutory instrument, and |
|
| | | (b) | shall be subject to annulment in pursuance of a resolution of either House |
|
| | | |
|
| |
| | |
| | |
| |
| | | Reversion of rescued former building societies to mutual status |
|
| | |
| | |
| | |
| | | |
| | To move the following Clause:— |
|
| | | ‘(1) | This section applies in respect of any company to which subsections (2) and (3) |
|
| | | apply (and which is referred to in this section as a “rescued former building |
|
| | | |
| | | (2) | This subsection applies if— |
|
| | | (a) | the assets and liabilities of a building society (within the meaning of |
|
| | | section 119 of the Building Societies Act 1986 (“the 1986 Act”)) have |
|
| | | been transferred to the company, and |
|
| | | (b) | the company continues to trade under the name of that society (or under |
|
| | | |
| | | (3) | This subsection applies if— |
|
| | | (a) | an order under section 3 (transfer of securities issued by an authorised |
|
| | | UK deposit-taker) or 6 (transfer of property, rights and liabilities of an |
|
| | | authorised UK deposit-taker) of the Banking (Special Provisions) Act |
|
| | | 2008 has been made in relation to the company, or |
|
| | | (b) | the company has taken part in the bank recapitalisation fund (“the fund”) |
|
| | | announced by the Chancellor of the Exchequer on 8th October 2008, or |
|
| | | (c) | the company is subject to any of the stabilisation options provided for in |
|
| | | sections 10 to 12 of this Act. |
|
| | | (4) | The Treasury must by regulations make provision [enabling] [requiring] rescued |
|
| | | former building societies to reconstitute themselves as building societies within |
|
| | | the meaning of the 1986 Act. |
|
| | | (5) | Regulations under subsection (4) may— |
|
| | | (a) | disapply or modify the effect of a provision of an enactment, or |
|
| | | (b) | disapply or modify the effect of a rule of law not set out in legislation. |
|
| | | (6) | Regulations under subsection (4)— |
|
| | | (a) | shall be made by statutory instrument, and |
|
| | | (b) | shall be subject to annulment in pursuance of a resolution of either House |
|
| | | |
| | |
|
