Motion made, and Question put forthwith (Standing Order No. 119(11)),

Financial Services: Prudential Requirements

That this House takes note of European Union Documents No. 13284/11 and Addenda 1 to 4, relating to a draft Regulation on prudential requirements for credit institutions and investment firms, No. 13285/11 and Addenda 1 and 2, relating to a draft Directive on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and amending Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate, and No. 5876/12, relating to an opinion of the European Central Bank on a proposal for a Directive on the access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms and a proposal for a Regulation on prudential requirements for credit institutions and investment firms; supports the Government’s view that to protect financial stability, avoid unnecessary international arbitrage and reinforce market confidence in EU banks it is crucial that the EU builds upon the G20 commitment to fully and faithfully implement the Basel 3 agreement and provides Member States with the flexibility to respond in a timely manner to systemic risks in their jurisdiction or to mitigate fiscal risk; and supports the Government’s ongoing efforts to reform the UK financial sector and system of financial regulation in order to protect UK taxpayers’ exposure to future losses.—(Angela Watkinson.)

Question agreed to.