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Lord Vaux of Harrowden (CB)

Speaking in the House of Lords on 5 September 2024

Debate

Bank Resolution (Recapitalisation) Bill [HL]

Contribution

My Lords, I briefly add my support to what the noble Baronesses have said. This is drafted extraordinarily widely. The words “another person has incurred or might incur in connection with the recapitalisation” could theoretically include the legal costs of the shareholders of the bank that is going bust, for example. We have to find some way of reducing that scope. I had attempted to deal with this in Amendment 12 on reporting, but having heard what the noble Baroness said I do not think that does it. We need to find some way of narrowing it.

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