Member

I turn lastly to Amendment 8 in the names of the noble Lords, Lord Moynihan and Lord Harlech. I do not, in principle, have a problem with this amendment. I note that the debt to asset value ratio being limited to up to 25% is related to the first set of regulations and, presumably, not therefore related to subsequent ones. However, I believe that this proposed clause has been badly drafted. The reference to “subsection (2)” does not make very much sense, so I suggest that the proposers redraft this, if they are so minded, before Report.