Charlie Elphicke
Main Page: Charlie Elphicke (Independent - Dover)Department Debates - View all Charlie Elphicke's debates with the HM Treasury
(11 years, 3 months ago)
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Greg Clark
I have explained on a number of occasions why we have not done so. One reason is that the regulator does not want that power, and a second reason is that it seems to us more appropriate that individual banks feel the consequences of their breach. The system itself does not have a mind to breach the rules; it is individual banks that do so. It is thus appropriate for the sanctions to apply to individual banks.
Charlie Elphicke (Dover) (Con)
In addition to the electrification of the ring fence, has the Minister considered adding a bit of barbed wire on top? We should look at depositor preference, so that deposits rank above the bondholders to give extra security. What are the Government’s thoughts on that at the moment?
Greg Clark
We agree with my hon. Friend, and that will form part of the Bill.