Financial Services Bill — Bank of England Oversight Committee — Duty to Monitor Arrangements for Crisis Management — 10 Dec 2012 at 18:45

The majority of MPs voted against requiring the Bank of England's Oversight Committee to monitor the adequacy and effectiveness of the bank's arrangements with the Treasury for crisis management.

MPs were considering the Financial Services Bill^[1]. The amendment rejected in this vote was:

• Amendment (b) proposed to Lords amendment 3

Lords amendment 3^[2] sought to insert a new clause titled Oversight Committee stating:

• There is to be a sub-committee of the court of directors of the Bank (“the Oversight Committee”) consisting of the non-executive directors of the Bank.

The clause set out the role of the committee as being to oversee the Bank's performance in relation to its objectives, duties and strategies.

Amendment (b)^[3] was an amendment to the Lords amendment and stated:

• Line 20, at end insert ‘ and
• (iv) the adequacy and effectiveness of arrangements with the Treasury for crisis management.’.

The amendment sought to add the above as a further area which the Bank of England's Oversight Committee would have to oversee the Bank's performance in relation to.

• [1] Parliament's webpage on the Financial Services Bill
• [2] Lords Amendments to the Financial Services Bill
• [3] Amendment paper for consideration of the Lords amendments to the Financial Services Bill on 10 December 2012

Debate in Parliament | Source |