Wayne David
Main Page: Wayne David (Labour - Caerphilly)Department Debates - View all Wayne David's debates with the HM Treasury
(11 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Greg Clark
My hon. Friend makes a point that finds an echo throughout the Chamber. As the days go by, I think we are all reassured and relieved that we did not make the decision that the Labour party made in principle to join the euro.
Wayne David (Caerphilly) (Lab)
One of the fundamental rules of banking has been broken, in that the deposits and savings of ordinary people have been, in effect, taken over in part by the state. That is a fundamental breach. What assurances can the Government give us that this precedent will not be followed by other countries in the near future?
Greg Clark
As I said, we need to get resolution arrangements in place, but the ECB and the spokesmen for different members of the eurozone have been clear that the decision to impose this kind of levy was taken by the Cypriot Government with the eurozone. They could have done it in different ways, but that is the mechanism they chose.