Oral Answers to Questions
Debate between Lord Coaker and Lord Swire(12 years, 4 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Swire
The right hon. Gentleman will certainly have the support of the Secretary of State and myself in ensuring that no one loses out as a result of this IT failure. I was specific on that point to Sir Philip Hampton and I cannot do more than repeat the words he said to me, as I have just done. I will also check with him on Monday to ensure that the bank is making progress in clearing up this sorry mess, which it says it will do over the weekend.
Vernon Coaker (Gedling) (Lab)
Does the Minister agree that the ongoing problems at Ulster bank underline the need to look at how banks operate? Frankly, this is a crisis. Many families cannot pay their mortgages or rent, get their groceries, buy food or put petrol in the car, and older people cannot get access to their pensions. The Minister has told us what he has done, but what is he doing to try to sort this mess out?
Mr Swire
I have a transcript of the shadow Secretary of State’s two interviews on the “Nolan” show, and I have read them carefully, but I am none the wiser as to what he is suggesting. When he was asked about the solvency of some businesses and about liquidity, he said that
“I would expect that government here in Westminster but also government at Stormont needs to consider what to do in those particular circumstances.”
Mr Nolan then asked:
“What could they do?”
The hon. Gentleman replied:
“I don’t know the answer to that”.
If he does not know the answer, we do: it is to make sure that this sorry debacle, involving an IT problem with the Royal Bank of Scotland and Ulster bank, which, let us face it, affected the whole UK, is cleared up quickly so that people can go about their normal business in Northern Ireland.
Vernon Coaker
What we have heard there is a complacent answer that does nothing to say to the people of Northern Ireland what should be done. What the Secretary of State and the Minister should have done, and what they should be doing now, is call an emergency summit—get a summit together—of all the people who are responsible for the situation, including the Treasury, Treasury officials and RBS senior management, and to get them to recognise the seriousness of the problem, get it sorted and get a grip. That is what the Minister should do.
Mr Swire
I am not an IT expert, but I think that appearing on the “Nolan” show twice and saying absolutely nothing does not show tremendous activity. On the shadow Secretary of State’s further point about banking reform, he will be pleased that this Government have set up an independent commission on banking reform to look at the future of banking and to clear up something that his Government failed to do over 13 years—