Parliamentary Commission on Banking Standards

(Limited Text - Ministerial Extracts only)

Tuesday 17th July 2012 Lords Chamber

Moved By

[Lord Strathclyde]

1. That the Commons message of 16 July be considered and that a Committee of five Lords be appointed to join with the Committee appointed by the Commons as the Parliamentary Commission on Banking Standards, to consider and report on:

(a) professional standards and culture of the UK banking sector, taking account of regulatory and competition investigations into the LIBOR rate-setting process;

(b) lessons to be learned about corporate governance, transparency and conflicts of interest, and their implications for regulation and for Government policy;

and to make recommendations for legislative and other action;

2. That, notwithstanding the provisions of Standing Order 63(2), the following members be appointed to the Committee:

The Lord Bishop of Durham, Baroness Kramer, Lord Lawson of Blaby, Lord McFall of Alcluith, Lord Turnbull;

3. That the Chairman of the Commission be appointed by the House of Commons;

4. That the Commission shall, except as provided for in this order, follow the procedure of a select committee of the House of Commons;

5. That the Commission have power:

(a) to send for persons, papers and records;

(b) to examine witnesses on oath;

(c) to appoint specialist advisers;

(d) to invite specialist advisers (including Counsel appointed as specialist advisers) to examine witnesses;

(e) to adjourn from place to place;

6. That the Commission have leave to report from time to time and that the Reports of the Commission shall be printed, regardless of any adjournment of the House;

7. That the evidence taken by the Commission shall, if the Commission so wishes, be published;

8. That the Committee appointed by the House of Lords have power to report to the House any decision of the Commission reached pursuant to paragraph 9 of the Commons resolution of 16 July;

9. That the Commission shall have power to appoint sub-committees to consider matters specified by the Commission within the terms of this order and a sub-committee shall have:

(a) the powers in paragraph 5(a), (b) and (e); and

(b) the power to invite specialist advisers appointed by the Commission (including Counsel appointed as specialist advisers) to examine witnesses;

10. That the quorum of the Commission shall be two members of each House;

11. That the quorum of any sub-committee shall be one member from either House; and

12. That the Commission shall report on legislative action no later than 18 December 2012 and on other matters as soon as possible thereafter.

Motion agreed, and a message was sent to the Commons.