Independent Commission on Banking

Lord Newby Excerpts

Monday 19th December 2011 Lords Chamber

[Lord Newby]

My Lords, I warmly welcome these proposals because we have been advocating many of them for a number of years. I have two questions. First, on timing, the noble Lord has made it clear that the aim is that primary and secondary legislation will be completed by 2015. Can he confirm that, given that there will be a lot of secondary legislation, the Government intend that the primary legislation will be introduced in the 2012-2013 Session, so that we can get that through and then get all the secondary legislation through well in advance of an election in 2015?

Secondly, on bonuses, the Minister made it clear that the Government wish the bonus pool in respect of RBS and Lloyds to be lower next year. Can he confirm that the Government have done more than express a view on this, and have in fact instructed UKFI that the bonus pool, particularly in respect of RBS, shall be significantly less than it was last year and that we have not a vague aspiration but a very firm steer from the Government?