Member

The noble Lord may be a little like me; I have always been sceptical that MREL would ever be used, because it would have such consequences in its own right. In the end, the resort is to public funds. I am afraid that every Government do not want to own up to that, but they know, in the back of their mind, that if we have an absolutely major crash, only one player will step up—I see the noble Lord is nodding—and that is the taxpayer. Any suggestion that the financial sector should go away and believe that it must consider its FSCS funds as available to rescue one of our major banks is, frankly, entirely inappropriate. That is why this amendment makes such sense.