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Lord Vaux of Harrowden (CB)

Speaking in the House of Lords on 10 September 2024

Debate

Bank Resolution (Recapitalisation) Bill [HL]

Contribution

I thank the Minister for that explanation and look forward to receiving the letter with the details and, I hope, a detailed worked example. However, an issue remains. The principle must be that a recapitalisation of the bank by the FSCS will not, in effect, bail out the existing shareholders—which it seems it does not do—or existing creditors, with the exception of the depositors, who are protected separately. There is something that needs looking at quite carefully here. I think we will come back to this on Report, but for the moment I beg leave to withdraw the amendment.

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