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Banking Bill


SECOND
MARSHALLED
LIST OF AMENDMENTS
TO BE MOVED
IN COMMITTEE


      The amendments have been marshalled in accordance with the Instruction of 21st July 2008, as follows—

[Amendments marked * are new or have been altered]

Amendment
No.

 

Clause 10

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

31Page 6, line 3, after "arrangements" insert "about—
(a)"  
32Page 6, line 6, at end insert—
"(b)  the operation of the special resolution regime and its effects on financial markets, and
(c)  the need for changes, whether under the powers in this Act or otherwise, to the matters referred to in paragraph (a)."
 

Clause 11

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

33Page 6, line 22, leave out "commercial" and insert "private sector"
 

Clause 12

 

VISCOUNT ECCLES

 Viscount Eccles gives notice of his intention to oppose the Question that Clause 12 stand part of the Bill.
 

Clause 13

 

LORD NEWBY

 

LORD OAKESHOTT OF SEAGROVE BAY

34Page 7, line 24, after "management" insert ", including board membership,"
 

BARONESS NOAKES

 

LORD HOWARD OF RISING

35Page 7, line 25, at end insert—
"(   )  The Treasury shall report to Parliament on an annual basis on the activities of each bank which is taken into temporary public ownership for as long as the bank remains in public ownership."
 

Clause 17

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

36Page 8, line 29, leave out subsection (3)
 

Clause 20

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

37Page 9, line 33, at end insert—
"(   )  No action by the Bank of England or the Treasury under subsection (1) or (2) shall have the effect of removing or modifying existing contractual rights of directors."
 

LORD WEDDERBURN OF CHARLTON

 

BARONESS TURNER OF CAMDEN

38Page 9, line 37, at end insert—
"(5)  An appointment under subsection (1)(d) or (2)(d) may be made in connection with an appointment under section 164A (Remuneration committee)."
 

Clause 22

 

LORD MYNERS

39Page 10, line 15, after "means" insert "a Type 1 or Type 2 default event provision as defined in subsections (1A) and (1B).
(1A)  A Type 1 default event provision is"
 

BARONESS NOAKES

 

LORD HOWARD OF RISING

40Page 10, line 16, after "agreement" insert "to which the bank is a party"
 

LORD MYNERS

41Page 10, line 16, after "that" insert "has the effect that"
42Page 10, line 16, at end insert "or situation arises"
43Page 10, line 27, at end insert—
"(1B)  A Type 2 default event provision is a provision of a contract or other agreement that has the effect that a provision of the contract or agreement—
(a)  takes effect only if a specified event occurs or does not occur,
(b)  takes effect only if a specified situation arises or does not arise,
(c)  has effect only for so long as a specified event does not occur,
(d)  has effect only while a specified situation lasts,
(e)  applies differently if a specified event occurs,
(f)  applies differently if a specified situation arises, or
(g)  applies differently while a specified situation lasts.
(1C)  For the purposes of subsections (1A) and (1B) it is the effect of a provision that matters, not how it is described (nor, for example, whether it is presented in a positive or a negative form)."
 

BARONESS NOAKES

 

LORD HOWARD OF RISING

44Page 10, line 29, at end insert "except that such an instrument or order shall not be disregarded in determining whether a default event provision applies if such default event provision is necessary or incidental to the exercise by the counterparty of any set-off or netting arrangement, or the enforcement of any security interest, as those expressions are defined in section 48"
 

LORD MYNERS

45Page 10, line 38, after "that" insert "is done by the instrument or order or"
46Page 10, line 43, after "(4)" insert—
"(a)  "
47Page 10, line 44, at end insert ", cases or circumstances;
(b)  differently for different purposes, cases or circumstances."
 

Clause 23

 

LORD MYNERS

48Page 11, line 5, after "purposes," insert "cases or circumstances,"
49Page 11, line 6, at end insert ", cases or circumstances."
 

Clause 24

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

50Page 11, line 13, at end insert—
"(   )  As soon as is reasonably practicable, the Treasury shall lay a copy of the copy share transfer instrument sent to it under subsection (1) before each House of Parliament."
51Page 11, line 13, at end insert—
"(   )  A share transfer instrument shall not have effect unless it is made by a statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament."
 

Clause 25

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

52Page 11, line 26, after "shall" insert "lay a copy before each House of Parliament and"
 

Clause 26

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

53Page 12, line 9, leave out subsection (4)
 

Clause 27

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

54Page 12, line 34, leave out subsection (4)
 

Clause 28

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

55Page 13, line 19, leave out subsection (5)
 

Clause 29

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

56Page 14, line 8, leave out subsection (5)
 

Clause 30

 

LORD EATWELL

57Page 14, line 18, leave out "property" and insert "share"
 

BARONESS NOAKES

 

LORD HOWARD OF RISING

58Page 14, line 29, leave out subsection (4)
 

Clause 31

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

59Page 15, line 11, leave out subsection (4)
 

After Clause 31

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

60Insert the following new Clause—
  "Additional procedures: supplemental instruments, &c.
(1)  As soon as is reasonably practicable after making a supplemental transfer under section 26, a bridge band share transfer instrument under section 30 or a bridge bank reverse share transfer instrument under section 31, the Bank of England shall send a copy to—
(a)  the bank,
(b)  the Treasury,
(c)  the FSA,
(d)  any other person specified in the code of practice under section 5.
(2)  As soon as is reasonably practicable after making a supplemental share transfer order under section 27, an onward share transfer order under section 28 or a reverse share transfer order under section 28, the Treasury shall send a copy to—
(a)  the bank,
(b)  the Bank of Englnd,
(c)  the FSA, and
(d)  any other person specified in the code of practice under section 5."
 

Clause 34

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

61Page 16, line 6, leave out subsection (3)
 

Clause 36

 

BARONESS NOAKES

 

LORD HOWARD OF RISING

62Page 16, line 39, leave out subsection (4)
63Page 17, line 5, leave out subsection (7)
 

Clause 38

 

LORD MYNERS

64Page 17, line 29, after "means" insert "a Type 1 or Type 2 default event provision as defined in subsections (1A) and (1B).
(1A)  A Type 1 default event provision is"
 

BARONESS NOAKES

 

LORD HOWARD OF RISING

65Page 17, line 30, after "agreement" insert "to which the bank is a party"
 

LORD MYNERS

66Page 17, line 30, after "that" insert "has the effect that"
67Page 17, line 30, at end insert "or situation arises"
68Page 17, line 41, at end insert—
"(1B)  A Type 2 default event provision is a provision of a contract or other agreement that has the effect that a provision of the contract or agreement—
(a)  takes effect only if a specified event occurs or does not occur,
(b)  takes effect only if a specified situation arises or does not arise,
(c)  has effect only for so long as a specified event does not occur,
(d)  has effect only while a specified situation lasts,
(e)  applies differently if a specified event occurs,
(f)  applies differently if a specified situation arises, or
(g)  applies differently while a specified situation lasts.
(1C)  For the purposes of subsections (1A) and (1B) it is the effect of a provision that matters, not how it is described (nor, for example, whether it is presented in a positive or a negative form)."
 

BARONESS NOAKES

 

LORD HOWARD OF RISING

69Page 17, line 43, at end insert "except that such an instrument or order shall not be disregarded in determining whether a default event provision applies if such default event provision is necessary or incidental to the exercise by the counter-party of any set-off for netting arrangement, or the enforcement of any security interest, as those expressions are defined in section 48"
 

LORD MYNERS

70Page 18, line 9, leave out "to be, or that" and insert "done by the instrument or is to be, or"
71Page 18, line 14, after "(4)" insert—
"(a)  "
72Page 18, line 15, at end insert ", cases or circumstances;
(b)  differently for different purposes, cases or circumstances."

 
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14 January 2009