Backbench Business — Banking Reform — Only Underwrite Purely Deposit-Taking Banks — State Run Derivatives Clearing House — 29 Nov 2010 at 19:30
The majority of MPs voted to remove the implicit taxpayer guarantee from all but purely deposit-taking banks and for the Government to establish a clearing house for all financial derivatives.
The motion rejected by the majority of MPs was:
- That this House,
- concerned that no action has so far been taken which would prevent a recurrence of the financial crash, calls upon the Government to establish a clearing house for approval of all financial derivatives and to set in place alternative mechanisms to remove the implicit taxpayer guarantee, other than to purely deposit-taking banks, in the event of any future banking collapse.
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