[{"topic":"Financial institutions","id":"44102","proposer":"10614","edm":"2994","session":"2010-12","title":"Bank Of Credit And Commerce International -\u0000 Close Of Liquidation","text":"That this House welcomes the announcement that after 21 years the liquidation of the Bank of Credit and CommerceInternational (BCCI)is finally drawing to a close; further welcomes the 3.5 per cent dividend for creditors which is due to be paid out shortly; notes the liquidators Deloitte Touche have nominated 17 May 2012 for the final meeting of creditors; further notes that when BCCI closed, right hon. and hon. Members were told by the then Chancellor, noble Lord Lawson, and the then Prime Minister, Sir John Major, on the advice of the Governor of the Bank of England, that the bank had a black hole in its finances and there was no money to pay creditors; actually finds that creditors have now received 90 per cent of money paid; further notes that successive governments' actions in support of depositors of Northern Rock, Royal Bank of Scotland and Lloyds TSB have contrasted to the lack of support for BCCI creditors; recalls that Sheikh Zayed offered to cover any missing money to creditors, but that this offer was rejected by the then Government; recalls that had such an offer been accepted the lives of thousands of creditors and staff would be considerably different; and hopes that lessons can be learnt from this long-running and painful saga.","date":"2012-04-24","status":"o"},{"topic":"Financial institutions","id":"44103","proposer":"10614","edm":"2995","session":"2010-12","title":"Bank Of Credit And Commerce International -\u0000 Role Of Secretary Of State For Business, Innovation And Skills","text":"That this House congratulates the Secretary of State for Business, Innovation and Skills, the right hon. Member for Twickenham, on the way that he has responded to the concerns raised by the depositors and creditors of the Bank of Credit and Commerce International over the liquidation of the former bank; is pleased that he will be known as the Secretary of State under whose stewardship the liquidation finally ended; and hopes that he will ensure in the future that lessons will be learnt from the way in which major insolvencies are conducted, so that never again creditors will have to wait a generation for the return of their own money.","date":"2012-04-24","status":"o"},{"topic":"Financial institutions","id":"44109","proposer":"10231","edm":"3001","session":"2010-12","title":"Northern Rock Payouts","text":"That this House notes with concern the recent reports in The Guardian newspaper that Northern Rock will pay around 270,000 to its former finance director, Jim McConville, following the sale of the nationalised bank to Virgin Money; understands that this payout will be made through a long-term incentive plan, put in place in April 2010; further notes that this information was only revealed after a Freedom of Information request to UK Financial Investments, the body that looks after the bailed-out banks, after it attempted to block details of the payout; and believes that, in light of the serious loss to the taxpayer arising from the sale of Northern Rock, the Government should make this payment an integral part of the value-for-money investigation currently being conducted by the National Audit Office.","date":"2012-04-24","status":"o"},{"topic":"Financial institutions","id":"44088","proposer":"10534","edm":"2980","session":"2010-12","title":"Britannia Law","text":"That this House is seriously concerned by the activities of Britannia Law, a Nottingham-based company, which uses aggressive telephone marketing techniques to persuade small businesses to employ them in order to substantially reduce their business rate obligations; deplores the use of a recorded telephone conversation as a binding contract in law; and calls on the Secretary of State for Business, Innovation and Skills to take all possible steps to protect small business proprietors from predatory companies of this type.","date":"2012-04-18","status":"o"},{"topic":"Financial institutions","id":"43672","proposer":"10521","edm":"2562A1","session":"2010-12","title":"UK Uncut Legal Action","text":"leave out from `services' to `programme'.","date":"2012-01-10","status":"o"},{"topic":"Financial institutions","id":"43657","proposer":"10133","edm":"2562","session":"2010-12","title":"UK Uncut Legal Action","text":"That this House supports UK Uncut Legal Action's initiative to challenge HM Revenue and Customs in the High Court so thatits alleged decision to let Goldman Sachs off its unpaid tax is quashed and the 10 to 20 million that Goldman Sachs owes is given back to the taxpayer; asserts that it is undeniably in the public interest that this important case should go through the UK courts in order to ensure transparency, accountability and fairness; notes that whilst the National Audit Office investigation into tax disputes is welcome, a legal review is the only process that can result in both the declaration that the Goldman Sachs tax deal was unlawful and potentially quash the deal, meaning that the millions lost could be returned to the public purse; further notes that an estimated 25 billion is lost annually to tax avoidance by corporations and the super-rich; maintains that tax justice and the eradication of tax havens are therefore crucial to achieving fairness and equality in the UK and around the world and provide an alternative to the economics of austerity; and calls on the Government to make a concerted effort to clamp down on tax avoidance in order to raise the income the UK needs to protect services currently under threat from the cuts programme and set an international standard for tax justice.","date":"2011-12-20","status":"o"},{"topic":"Financial institutions","id":"43640","proposer":"24966","edm":"2545","session":"2010-12","title":"Financial Transaction Tax (No. 3)","text":"That this House notes that the European Commission is desperate to save the Euro and is proposing a tax on financial transactions that would raise 50 billion a year; further notes that 40 billion of this would come from the UK and that this equates to 642 for every man, woman and child in the country; believes that this tax represents a significant financial assault on Britain; further believes that it is vital to the UK that this tax is not brought in; resolves to continue fighting this punitive tax; and requests that the whole country refer to this as the British Tax rather than the Tobin Tax in order to make clear who really pays the bill.","date":"2011-12-14","status":"o"},{"topic":"Financial institutions","id":"43596","proposer":"11458","edm":"2501","session":"2010-12","title":"General Anti-Avoidance Rule For Taxation","text":"That this House notes the widespread public concern about the extent of tax avoidance and evasion by individuals and corporations; further notes that while evasion is illegal, taxes can be avoided by schemes that are contrived in their nature or by arrangements that are artificial and thus far removed from the responsible tax planning measures provided for by Parliament; believes that the ever-growing expansion of anti-avoidance measures has not eliminated the scope for exploitation of loopholes; further notes the publication of the report by Graham Aaronson QC outlining the case for the introduction of a general anti-avoidance rule in the UK; and urges HM Treasury to bring forward legislation within the next Finance Bill for the introduction of such a rule.","date":"2011-12-01","status":"o"},{"topic":"Financial institutions","id":"43540","proposer":"24966","edm":"2448","session":"2010-12","title":"Level Of Interest Rates On Loans","text":"That this House notes that wonga.com is currently advertising a typical interest rate of 4214 per cent. and that this is not the only institution offering a similar service; further notes that these high interest rates are often paid by the poorest in society; believes that all financial institutions have a right to make a profit but that these companies are adding to poor families' financial problems; and further believes that the time is right to restrict the level of interest that can be charged on loans.","date":"2011-11-21","status":"o"},{"topic":"Financial institutions","id":"43472","proposer":"11420","edm":"2383","session":"2010-12","title":"Bank Of England Inflation Policy","text":"That this House notes the rising prices of resource commodities such as energy and food which have frustrated Bank of England inflation targeting and wider price stability; further notes that this has occurred during a prolonged period when the world economy has been weakened making a recovery in the UK more challenging; and calls for a review of the official Bank of England inflation policy in the light of global resource demand pressures of limited supply which are already evident and, other than through global reduction in demand, are likely to continue.","date":"2011-11-07","status":"o"},{"topic":"Financial institutions","id":"43411","proposer":"10428","edm":"2323","session":"2010-12","title":"Financial Transaction Tax (No. 2)","text":"That this House recognises blame forthe current world recession and financial crisis quite rightly has been laid at the doors of banks, financial institutions and governments because of their failures to properly monitor, control and regulate the financial sectors; believes the introductionof a financial transaction tax designed to raise revenue to be spent specifically on good causes will help fill the gaps of provision created directly by the economic downturn and go part of the way towards redressing the economic difficulties felt within these communities especially amongstthose in the voluntary sector; and calls on the Government to support efforts to bring in such a tax amongst those nations participating in the coalition of G20 countries when their heads of state and governments meet in Cannes in November.","date":"2011-10-31","status":"o"},{"topic":"Financial institutions","id":"43352","proposer":"10383","edm":"2269","session":"2010-12","title":"Banks And Quantitative Easing","text":"That this House notes with considerable anger the report in the Financial Times of 18 October 2011 that a commercial bank has sought to manipulate the market in the light of the latest round of quantitative easing (QE)undertaken by the Bank of England by buying gilts ahead of the QE auction in order topush their price higher and thus profit at the expense of the taxpayer and the economy overall; further notes that this blatant attempt by a bank to make afast profitout of the QE auction process may not be an isolated example in the current or past rounds ofQE; and calls on the Government to launch an immediate investigation and to report to Parliament as soon as practicable and also to make it clear that this obscene attempt to exploit the current economic crisis by the very bankers who brought about the crisis will not be tolerated and is further evidence of themoral bankruptcy of sections of our finance sector continuing to speculate at the country's expense when 2.5 million are unemployed and jobs and services are being cut.","date":"2011-10-18","status":"o"},{"topic":"Financial institutions","id":"43355","proposer":"11707","edm":"2272","session":"2010-12","title":"Consumer Focus Super-Complaint Regarding Card Surcharges","text":"That this House welcomes the super-complaint made by Consumer Focus to the Office of Fair Trading on 21 September 2011, raising concerns about the amount that UK consumers pay for foreign currency, estimated to be 1 billion annually; notes the level of consumer dissatisfaction caused by the lack of transparency in the pricing policies of currency exchange services and the confusion caused by offers such as `0 per cent. commission', which are intended to mislead consumers; calls on the Government to introduce measures quickly to ensure greater transparency with these transactions; and supports further actions by banks and other foreign exchange providers to clarify the costs incurred while making these transactions.","date":"2011-10-18","status":"o"},{"topic":"Financial institutions","id":"43360","proposer":"24735","edm":"2277","session":"2010-12","title":"Bank And Financial Transaction Charges","text":"That this House believes that unfair bank and financial transaction charges are still causing significant problems for millions of UK consumers, especially those on low incomes; notes the Coalition agreement commitment to introduce stronger consumer protections, including measures to end unfair bank and financial transaction charges; and calls on the Government to meet this commitment and legislate at the earliest opportunity to increase consumer protection against these unfair charges.","date":"2011-10-18","status":"o"},{"topic":"Financial institutions","id":"43281","proposer":"10519","edm":"2201","session":"2010-12","title":"Rbs Group's Treatment Of Basic Bank Account Holders","text":"That this House is deeply disturbed by RBS Group's plans to deny its estimated one million bank account holders access to 80 per cent. of cash machines by restricting them to using NatWest, RBS, Ulster Bank and Tesco branded cash machines or making Post Office withdrawals; notes that this will cause problems for manypeople, particularly in emergency situations and to those less able to travel easily; deems that the taxpayer-funded RBS Group is effectively and unacceptably penalising its poorer customers and treating them as second-class citizens; and calls on RBS Group to reverse its decision.","date":"2011-10-10","status":"o"},{"topic":"Financial institutions","id":"43177","proposer":"11489","edm":"2105","session":"2010-12","title":"Credcer Credit Union","text":"That this House welcomes the continuing success of CredCer Credit Union in Ceredigion, which enables people to participate in a not-for-profit bank investing in the local community; notes that such local initiatives are especially beneficial to poorer members of the community given the low-interest borrowing and high-interest saving rates for children; acknowledges the important difference credit unions such as CredCer can make in local communities, especially given their ethical focus; encourages the continued work and expansion of CredCer Credit Union locally in Ceredigion; and calls on the Government to continue providing a safe environment for credit unions to operate in.","date":"2011-07-19","status":"o"},{"topic":"Financial institutions","id":"43146","proposer":"10427","edm":"2075","session":"2010-12","title":"Bank Of England And Money Supply","text":"That this House notes that commercial banks have arrogated to themselves the right to create almost the entire UK money supply out of nothing in the form of a debt to them whenever they issue loans to the nation's firms, households and government; takes into account that, as a result, 97 per cent. of the broad pound sterling money supply now consists of electronic bank credit recorded as liabilities of commercial banks; further notes too that the bank-driven expansion of the broad money supply from 802 billion in 2000 to 1,682 billion in 2007 fuelled the over-indebtedness and house price bubble that caused the global financial crisis; and calls on the Government to enable the Bank of England to reclaim the exclusive right to create pound sterling money in such a way that would promote economic growth and stability and prevent further crises.","date":"2011-07-12","status":"o"},{"topic":"Financial institutions","id":"43021","proposer":"24919","edm":"1952","session":"2010-12","title":"Northern Rock Foundation","text":"That this House fully recognises the widespread popularity of and respect for the work of the Northern Rock Foundation, which once received 5 per cent. but has used 1 per cent. of pre-tax profits from Northern Rock Plc in recent years to disburse millions to deserving causes in the North East and Cumbria; notes that the Foundation has made over 3,700 grants and supported nearly 2,000 different organisations over the last 13 years; further notes that an independent study by the Centre for Effective Philanthropy shows the Foundation is viewed as exemplary; deeply regrets that Ministers have so far failed to make retention of the Foundation a condition of the sale of Northern Rock but have taken refuge in the vague aspiration that bidders may keep the Foundation beyond December 2012; and urges Ministers to toughen their stance so that the Foundation can continue to play a pivotal role in the Big Society in the North East and Cumbria.","date":"2011-06-20","status":"o"},{"topic":"Financial institutions","id":"43009","proposer":"24896","edm":"1940","session":"2010-12","title":"Bankers' Bonus Tax","text":"That this House understands the anger the British public feel at the financial crisis and the resultant need for public services cuts to get the deficit down; believes that instead of giving the banks a tax cut this year, the Government should place a tax on bankers' bonuses and use the money to fund apprenticeships, jobs and new homes; furthermore urges HM Treasury to take urgent steps to boost economic development, growth and jobs creation; and calls on the Chancellor of the Exchequer to bring plans before the House at the earliest opportunity to introduce a new bankers' bonus tax.","date":"2011-06-16","status":"o"},{"topic":"Financial institutions","id":"42999","proposer":"11093","edm":"1931","session":"2010-12","title":"Bank Pay","text":"That this House notes that salaries in the top 15 banks have risen by 36 per cent. in the last year, according to a survey conducted for the Financial Times; further notes that this is seven times the rate of inflation; also notes that the average earnings increase in the UK pay was 1.8 per cent. or one third of the rate of inflation; and calls on the banks to show a genuine period of remorse, apology and restraint.","date":"2011-06-15","status":"o"},{"topic":"Financial institutions","id":"42925","proposer":"10614","edm":"1858","session":"2010-12","title":"Bcci Liquidation","text":"That this House warmly welcomes the news contained in a letter from the Secretary of State for Business, Innovation and Skills to the right hon. Member for Leicester East that the liquidators of the Bank of Credit and Commerce International (BCCI) have at last posted a message on their international website notifying that the global liquidation is to be drawn to an end; notes that the BCCI liquidation has dragged on for over 20 years with millions of pounds being paid to the liquidators; and calls on the Government to review insolvency law to ensure that in the future creditors are given a much bigger say in the way liquidations are conducted.","date":"2011-05-24","status":"o"},{"topic":"Financial institutions","id":"42793","proposer":"11458","edm":"1737","session":"2010-12","title":"Reform Of Banking","text":"That this House welcomes the interim report of the Independent Commission on Banking (ICB); notes the public's desire not to return the British banking system to business as usual; hopes that the Government will acknowledge the need to separate investment and retail banking and look seriously at the idea of a firewall between the two, as proposed by the ICB; further notes that, according to a recent YouGov poll, the majority of the public support the proposal for a public distribution of shares in the Government-owned Lloyds Banking Group and RBS; and calls on the Government to look at this popular idea.","date":"2011-04-26","status":"o"},{"topic":"Financial institutions","id":"42674","proposer":"11324","edm":"1626","session":"2010-12","title":"Bank Closures In Small And Rural Communities","text":"That this House notes with concern that many bank closures are occurring in small and rural communities; is aware that these closures will have a detrimental effect on local people, small businesses and tourism; further notes that limited broadband access in many of the areas will adversely impact on many customers who will be left without a face to face service; is concerned about possible loss of jobs as a result of these closures; and calls on those banks considering bank closures in small and rural communities to reassess those proposals and where possible leave these branches open for the foreseeable future.","date":"2011-03-17","status":"o"},{"topic":"Financial institutions","id":"42644","proposer":"11324","edm":"1596","session":"2010-12","title":"Proposed Closure Of Barclays Bank Branch In Rhayader","text":"That this House notes with concern the proposed closure of the Barclays Bank branchin Rhayader, Powys; is aware that although this small market town is situated in a sparsely populated area of mid-Wales it is a strong and vibrant community and a magnet for tourism in the summer months; notes that this proposal is causing considerable worry to the residents of Rhayader and the surrounding area; also notes with concern that many customers will now have to undertake a round trip of 22 miles to visit their nearest Barclays' branch; believes that one bank with limited open hours in Rhayader is insufficient for the population of this town; further notes thatlimited broadband access will adversely impact upon many customers who will be left without a face to face service; is concerned about possible loss of jobs as a result of this closure; and calls on Barclays to reconsider these proposals and leave this branch open for the foreseeable future.","date":"2011-03-15","status":"o"},{"topic":"Financial institutions","id":"42240","proposer":"10383","edm":"1227","session":"2010-12","title":"Bankers' Bonuses And Salary Increases","text":"That this House considers that large scale bonuses for bankers and\/or the use of the device of converting these bonuses into sizeable salary increases will be viewed by the British people, whose taxes were used to bail out the banking system, as obscene and unacceptable; and therefore calls on the Government to introduce immediately a windfall tax on these bonuses and untoward salary increases.","date":"2010-12-20","status":"o"},{"topic":"Financial institutions","id":"42154","proposer":"10383","edm":"1146","session":"2010-12","title":"UK Uncut Campaign","text":"That this House congratulates UK Uncut for the role it has played in drawing attention by peaceful demonstrations to tax evasion and avoidance and to the need for firm action to secure tax justice.","date":"2010-12-06","status":"o"},{"topic":"Financial institutions","id":"41734","proposer":"24715","edm":"728A1","session":"2010-12","title":"Executive Bonuses","text":"at end add `and calls on the Government to establish a high pay commission to scrutinise executive pay and bonuses.'.","date":"2010-09-16","status":"o"},{"topic":"Financial institutions","id":"41688","proposer":"10383","edm":"728","session":"2010-12","title":"Executive Bonuses","text":"That this House notes with concern that a study by the business advisory firm Deloitte has revealed that executive bonuses of the FTSE 100 firms are close to pre-crisis levels, with the average bonus amounting to 100 per cent. of basic salary, at a time when many people are losing their jobs or having their wages cut and losing benefits; and therefore calls on the Government to bring forward urgently measures which will tackle this grotesque display of inequality and outrageous greed.","date":"2010-09-14","status":"o"},{"topic":"Financial institutions","id":"41607","proposer":"24819","edm":"650","session":"2010-12","title":"Financial Transaction Levy","text":"That this House supports the Robin Hood tax campaign which calls for the introduction of a financial transactions tax; notes that by taking an average of 0.05 per cent. from speculative banking transactions, hundreds of billions of pounds could be raised every year to tackle poverty and climate change, at home and abroad; believes that banks, which had a large role in causing the economic crisis, should do more than just pay back the bailouts or insure against future crises; further believes that a Robin Hood tax would be an effective and popular response, with a recent poll finding that 80 per cent. of respondents supported the introduction of a Robin Hood tax; commends the work of all those organisations backing this campaign who have mobilised their supporters to increase the pressure for such change; further believes that this tax is an idea that has come of age; and urges the Government to do all possible to ensure that the Robin Hood tax becomes a reality.","date":"2010-07-27","status":"o"},{"topic":"Financial institutions","id":"41554","proposer":"10436","edm":"597","session":"2010-12","title":"Enforcement Of Bank Of England Act 1694","text":"That this House, observing that the intention of the founding Act of the Bank of England in 1694 was `that their Majesties' subjects may not be oppressed by the said corporation', notes that those subjects have been seriously oppressed by the Bank's failure to control the greed, risk-taking and speculation of the banking system over which it presides; and therefore suggests that this oppression should be dealt with as the Act provides, by fines in the sum of three times the value of the abusive trading.","date":"2010-07-22","status":"o"},{"topic":"Financial institutions","id":"41491","proposer":"13856","edm":"534","session":"2010-12","title":"Equitable Life Compensation Scheme","text":"That this House calls on the Government to implement the Parliamentary Ombudsman's recommendations on Equitable Life, including the establishment of an independent body to determine the relative loss of the victims, allowing policyholders and their representatives to have the opportunity to scrutinise and challenge calculations and conclusions and the recommendations that policyholders should be compensated for any losses which would not have been suffered had they invested elsewhere, a figure calculated at around 4.7 billion.","date":"2010-07-19","status":"o"},{"topic":"Financial institutions","id":"41433","proposer":"10170","edm":"480","session":"2010-12","title":"Post Bank","text":"That this House welcomes the commitment given to the Post Office in the Coalition Agreement document The Coalition: Our Programme for Government, to expand banking and financial services provided by the Post Office; notes the excellent work of the Post Bank Coalition in raising awareness of a more responsible approach to banking, especially by utilising the Post Office; further notes that the equivalent of one million of the UK's 4.8 million small firms are unhappy with their bank according to the FSB-ICM Voice of Small Business survey panel; further notes that a recent YouGov poll has found that 78 per cent. of people believe there is a need for a publicly-run bank; and calls on the Government to introduce a Post Bank that is solely-owned by the Post Office, to provide affordable access to finance for businesses and low income families as a priority.","date":"2010-07-13","status":"o"},{"topic":"Financial institutions","id":"41351","proposer":"10679","edm":"410","session":"2010-12","title":"Presbyterian Mutual Society","text":"That this House calls on the Government, with all its resources, to provide a fair and just resolution of the crisis in the Presbyterian Mutual Society for those who have been denied access to their savings in the Society for more than 20 months, especially those with savings of 20,000 or under.","date":"2010-07-06","status":"o"},{"topic":"Financial institutions","id":"40977","proposer":"10521","edm":"63","session":"2010-12","title":"Kaupthing Singer And Friedlander Isle Of Man Depositors And Bondholders","text":"That this House recognises the decision by the Financial Services Authority (FSA) to revoke Kaupthing Singer and Friedlander UK's (KSF UK) deposit-taking licence led to the ultimate collapse of Kaupthing Singer and Friedlander Isle of Man (KSFIOM); notes that the decision taken by KSFIOM's directors to transfer over 50 per cent. of assets to KSF UK, which was approved by the Financial Supervision Commission following extensive consultation with the FSA, contravenes both UK and European banking practice; further recognises that some 3,000 KSFIOM depositors with savings above the \u00a350,000 compensation threshold, many of whom are British pensioners, are yet to be fully recompensed; further notes that British offshore depositors remit tax to the UK via income declaration or withholding tax and are therefore deserving of action by the Government; asks the Government to intervene directly and calls on the Isle of Man authorities to ensure all despositors receive full compensation, in line with UK depositors; further calls on the 10 life companies that mis-sold over 1,000 bondholders in KSFIOM, a product offering capital security, low risk and regular income potential, to re-evaluate their businesses and marketing practices and recompense policyholders accordingly; and requests that the Ministry of Justice further investigates whether the Isle of Man has the necessary skills, experience or processes in place to ensure effective self-regulation, as well as the conflicts of interests of those holding positions in the Isle of Man's political, judicial, regulatory bodies and financial services industry.","date":"2010-05-25","status":"o"},{"topic":"Financial institutions","id":"40802","proposer":"11607","edm":"1160","session":"2009-10","title":"Credit Union For Small And Medium-Sized Businesses","text":"That this House calls for the establishment of a credit union for small and medium-sized enterprises in local communities to help sustain such businesses as economic recovery begins; notes that such a credit union would help free-up access to borrowing for companies with any cash flow problems; recognises that the aim of this would be to provide a financial instrument that could assist these companies to survive until better times; further calls for the establishment of locally-funded and locally-managed investment banks to spread the risk of each company's cash flow needs; further calls for such a resource to be run and managed in the way that existing credit unions tackle doorstep debt with the aim of protecting jobs; urges the Government to back such an initiative in support of the existing help it has provided for companies like the Enterprise Finance Guarantee and the Capital for Enterprise Fund; and suggests that such a model could be tested out in selected communities including Halifax and if it proves to be successful rolled out to other parts of the country.","date":"2010-03-23","status":"o"},{"topic":"Financial institutions","id":"40786","proposer":"10780","edm":"1144","session":"2009-10","title":"Presbyterian Mutual Society","text":"That this House notes the continuing problems associated with the Presbyterian Mutual Society since entering administration in November 2008; acknowledges the extreme difficulties which are being faced by many of the approximately 9,000 savers with the Society; also recognises the hard work put into assisting the Society by devolved Ministers, without whose help a difficult situation would have become unresolvable; expresses the hope that discussions held between the First Minister in Northern Ireland and the Prime Minister will also help, and following the adjournment motion in Westminster Hall scheduled for debate on 24 March 2010; and further expresses the hope that there will be significant Government offers of further help to finally and satisfactorily resolve this ongoing saga that has caused so much financial hardship to those affected.","date":"2010-03-22","status":"o"},{"topic":"Financial institutions","id":"40729","proposer":"13735","edm":"1094","session":"2009-10","title":"Public Subsidies For Banks","text":"That this House agrees with the trenchant comments on bankers made by Lord Myners, Parliamentary Secretary, HM Treasury in his article in The Guardian newspaper on 9 March 2010; supports particularly the assessment that in the past implicit support of the financial industry has probably represented the most expensive public subsidy provided to any industry, and his view that there is no reason why taxpayers should continue to provide subsidy to the cost of capital for the banking system; contrasts these sensible policy conclusions with the indefensible actions of the remuneration committee of the Royal Bank of Scotland (RBS), supported by UK Financial Investments Ltd (UKFI Ltd), to award nine senior bankers nearly \u00a310,000,000 in bonuses, including 15.5 million RBS shares worth \u00a35,900,000 given to John Hourican, head of the RBS investment arm, and 792,000 shares to Paul Geddes, head of RBS insurance arm, despite the dramatic drop in its profits; remains unconvinced that huge bonuses are needed to retain the services of top bankers; believes that no bonuses should be paid to senior bankers at RBS, which was saved from bankruptcy in 2008 by \u00a354,000,000,000 of taxpayers' money and is currently 84 per cent. owned by taxpayers; and calls on the Chancellor to instruct UKFI Ltd, as Treasury agents for the private banks in receipt of taxpayer support, to halt these grotesquely generous, unacceptable bonus payments.","date":"2010-03-16","status":"o"},{"topic":"Financial institutions","id":"40543","proposer":"11280","edm":"931","session":"2009-10","title":"Lloyds Tsb Foundation For Scotland","text":"That this House notes with dismay the decisions by Lloyds Banking Group to give notice to the Lloyds TSB Foundation for Scotland to terminate its funding covenant and to veto the appointment of the chair selected by the trustees; further notes the extensive charity work undertaken by the Foundation in all parts of Scotland which is of benefit to communities and deserving causes; believes that the proposals put forward by Lloyds Banking Group are detrimental to the Foundation and would transform it from a charity to a corporate foundation; and calls on the Government as 46 per cent. owner of Lloyds Banking Group to make clear its concerns and to ask Lloyds Banking Group to negotiate in good faith with the trustees and to leave the appointment of trustees to the arms-length process which has previously prevailed.","date":"2010-02-24","status":"o"},{"topic":"Financial institutions","id":"40522","proposer":"10295","edm":"913","session":"2009-10","title":"Robin Hood Tax Campaign","text":"That this House supports the Robin Hood tax campaign which calls for the introduction of a financial transaction tax; notes that by taking an average of 0.05 per cent. from speculative banking transactions, hundreds of billions of pounds could be raised every year to tackle poverty and climate change, at home and abroad; believes that banks, which had a large role in causing the economic crisis, should do more than just pay back the bailouts or insure against future crises; further believes that a Robin Hood tax would be an effective and popular response, with a recent poll finding that 80 per cent. of respondents supported the introduction of a Robin Hood tax; commends the work of all those organisations backing this campaign who have mobilised their supporters to increase the pressure for such change; believes that this tax is an idea that has come of age; and urges the Government to do all possible to ensure that the Robin Hood tax becomes a reality.","date":"2010-02-23","status":"o"},{"topic":"Financial institutions","id":"40401","proposer":"13735","edm":"802","session":"2009-10","title":"Royal Bank Of Scotland, Cash Bonuses And Public Finances","text":"That this House is shocked and disturbed at the complete insensitivity of the senior management, including the chairman of the RBS remuneration committee, to press ahead with plans, set out in a letter to RBS shareholders on 1 February 2010, that would allow top performers to effectively collect large cash bonuses despite the publicly stated opposition to such payouts by the Chancellor of the Exchequer and the Financial Services Authority; believes that as 84 per cent. of RBS is owned by the taxpayer, the interests of the public should be represented by United Kingdom Financial Investments Ltd (UKFI) who are responsible for protecting the taxpayer's investments into RBS, to the RBS board; further believes the RBS proposed plan, that bonuses could initially be paid in shares which would be convertible to cash after just 12 weeks, is totally contrary to the Chancellor's stated desire to curb unjustified bonuses being paid by banks in which there is significant public ownership; and therefore calls on the Government to instruct UKFI to demand that the RBS chief executive, Stephen Hester, halt such unacceptable bonus plans, on penalty of dismissal if he fails to comply.","date":"2010-02-04","status":"o"},{"topic":"Financial institutions","id":"40346","proposer":"11522","edm":"754","session":"2009-10","title":"UK Taxpayer Monies And The Irish Economy","text":"That this House is concerned by the report in The Irish Times of 19 January 2010 that six billion euros have been pumped into the capital base of the Irish subsidiaries of RBS and Lloyds TSB by these part-nationalised UK banks; recognises that not all of Ulster Bank's activities are in the Republic of Ireland but would prefer to see this six billion euros capital funding of Ulster Bank and Bank of Scotland (Ireland), which is provided indirectly by the UK taxpayer, returned to support lending to UK businesses and to see some of the shortfalls in capital at Ulster Bank and Bank of Scotland (Ireland) being provided by the Irish government.","date":"2010-01-29","status":"o"},{"topic":"Financial institutions","id":"40269","proposer":"10383","edm":"681","session":"2009-10","title":"Public Expenditure And The Deficit","text":"That this House notes that in his interview in the Financial Times of 19 January 2010 the Chancellor of the Exchequer has admitted to a planned policy of 17 per cent. cuts in expenditure across Government departments other than schools, health and the police force, the early withdrawal of the 50 pence tax rate and an end to the tax on bonuses; and therefore judges that this will mean that the ordinary people of the UK will be the ones who are to pay for the economic crisis, not of their making, and that many of those who, through their reckless greed caused the crisis, will walk away unscathed, receiving new bonuses and playing once again in the casino economy.","date":"2010-01-20","status":"o"},{"topic":"Financial institutions","id":"40182","proposer":"12005","edm":"603","session":"2009-10","title":"Small Businesses And Cash Transactions","text":"That this House notes the vital contribution that small businesses make to the UK economy and the additional pressures that have recently been placed on small businesses through the recession; further notes that those in sectors dealing with the sale of goods to the general public, which inevitably use cash as a payment method, suffer from excessive charges levied by banks in the provision of cash and change; and calls upon the banking industry to reduce the cost of this vital service to small businesses and in doing so demonstrate real help to the UK's small businesses, which will allow a greater level of economic security for the UK's small business sector.","date":"2010-01-13","status":"o"},{"topic":"Financial institutions","id":"40133","proposer":"10436","edm":"554","session":"2009-10","title":"Icelandic Debt And Accountability Of Bankers","text":"That this House sympathises that the decision of the Icelandic President to refer his Government's proposals to pay the large sums owing to the British and Dutch governments for compensation paid out to their citizens saving with Icesave is sensible, fair, and democratic in the light of the fact that both Icelandic citizens, and British citizens, were not consulted by their bankers about the irresponsible risk their banks were running and the enormous debts that resulted and should have a right to say whether these debts should be foisted on the people; considers that though the British Government has paid massive compensation to its own irresponsible bankers, it is hardly reasonable to expect a more intimate and direct democracy to ask its people to shoulder bigger debts without their consent; and suggests that rather than threatening Iceland the Government should accept that mistakes were made by British regulatory authorities as well as Icelandic regulators; and therefore considers that the Government should negotiate a revised deal with Iceland and come to sensible arrangements for sharing the burden, rather than imposing the whole of it on a nation whose economic health is in the UK's interests, and which therefore should not be crushed by an unsupportable burden of debt.","date":"2010-01-07","status":"o"},{"topic":"Financial institutions","id":"40107","proposer":"10431","edm":"531","session":"2009-10","title":"Speculative Banking","text":"That this House notes the enormous damage that the international banking crisis has done to jobs, businesses and public finances and to some of the world's poorest people; recognises the substantial and continuing resources provided by taxpayers to support banks; acknowledges that an important part of this crisis was caused by a number of traditional deposit taking retail banks becoming involved either directly or indirectly with speculative, casino-style, investment banking; welcomes the support of all political parties for continuing to provide a government guarantee for retail deposits held in banks; further notes also that when banks are systemically important it is the taxpayer rather than the shareholder who carries the ultimate risk; supports much stronger regulation of banks to help prevent such a crisis in the future; further recognises that, given constant financial innovation, regulation on its own will never be completely successful in always preventing massive losses on speculative `casino-type' investment banking; further acknowledges that in a bank that combines speculative investment banking and traditional retail banking, massive losses on the speculative side would threaten its retail deposits thus necessitating taxpayers to rescue such a combined bank; and therefore calls on the Government in its forthcoming banking legislation to separate speculative casino banking from traditional retail banking and, as well as leading by example, to encourage a similar approach internationally.","date":"2010-01-05","status":"o"},{"topic":"Financial institutions","id":"40118","proposer":"10598","edm":"474A1","session":"2009-10","title":"Kaupthing Singer & Friedlander Isle Of Man Depositors And Bondholders","text":"leave out from `following' to end and add `consultation with the FSA, contravenes both UK and European banking practice; further recognises that some 3,000 KSFIOM depositors with savings above the \u00a350,000 compensation threshold, many of whom are British pensioners, are yet to be fully recompensed; further notes that British offshore depositors remit tax to the UK via income declaration or withholding tax and calls on the Isle of Man authorities to ensure all depositors receive full compensation, in line with UK depositors; further calls on the 10 life companies that mis-sold over 1,000 bondholders in KSFIOM, a product offering capital security, low risk and regular income potential, to re-evaluate their businesses and marketing practices and recompense policyholders accordingly; and requests that the Isle of Man authorities investigate whether the Isle of Man has the necessary skills, experience or processes in place to ensure effective regulation, as well as the avoidance of conflicts of interest between those holding positions in the Isle of Man's political, judicial, regulatory bodies and the financial services industry.'.","date":"2010-01-05","status":"o"},{"topic":"Financial institutions","id":"40046","proposer":"10521","edm":"474","session":"2009-10","title":"Kaupthing Singer & Friedlander Isle Of Man Depositors And Bondholders","text":"That this House recognises the decision by the Financial Services Authority (FSA) to revoke Kaupthing Singer & Friedlander UK's (KSF UK) deposit-taking licence led to the ultimate collapse of Kaupthing Singer & Friedlander Isle of Man (KSFIOM); notes that the decision taken by KSFIOM's directors to transfer over 50 per cent. of assets to KSF UK, which was approved by the Financial Supervision Commission following extensive consultation with the FSA, contravenes both UK and European banking practice; further recognises that some 3,000 KSFIOM depositors with savings above the \u00a350,000 compensation threshold, many of whom are British pensioners, are yet to be fully recompensed; further notes that British offshore depositors remit tax to the UK via income declaration or withholding tax and are therefore deserving of action by the Government; asks the Government to intervene directly and calls on the Isle of Man authorities to ensure all depositors receive full compensation, in line with UK depositors; further calls on the 10 life companies that mis-sold over 1,000 bondholders in KSFIOM, a product offering capital security, low risk and regular income potential, to re-evaluate their businesses and marketing practices and recompense policyholders accordingly; and requests that the Ministry of Justice further investigates whether the Isle of Man has the necessary skills, experience or processes in place to ensure effective self-regulation, as well as the conflicts of interest of those holding positions in the Isle of Man's political, judicial, regulatory bodies and financial services industry.","date":"2009-12-15","status":"o"},{"topic":"Financial institutions","id":"40075","proposer":"10137","edm":"503","session":"2009-10","title":"Banks And Banking (S.i., 2009, No. 3226)","text":"That an humble Address be presented to Her Majesty, praying that the the Northern Rock plc Transfer Order 2009 (S.I., 2009, No. 3226), dated 8 December 2009, a copy of which was laid before this House on 8 December, be annulled.","date":"2009-12-15","status":"o"},{"topic":"Financial institutions","id":"39979","proposer":"13735","edm":"415","session":"2009-10","title":"Bankers' Remuneration And The Public Purse","text":"That this House regards the salaries and bonuses of the chief executives of the leading high street banks as totally unacceptable when public sector workers have had legitimate claims for wage rises rejected on the grounds that to grant them would increase inflation; notes that at the same time ordinary bank workers are themselves still facing the uncertainty of possible job losses; further notes the respective salaries before bonuses in financial year 2007-08 of four of the leading high street banks were \u00a34.19 million for Sir Fred Goodwin, Chief Executive of the Royal Bank of Scotland, \u00a32.8 million for Eric Daniels, Chief Executive of Lloyds TSB, \u00a32.4 million for John Varley, Chief Executive of Barclays and \u00a31.9 million for Andy Hornby, Chief Executive of HBOS; believes that the remuneration of the chief executive of each bank accepting taxpayers' money for recapitalisation should be reduced to the equivalent of the average of all its employees, with no end-of-year bonus and that United Kingdom registered banks should be subject to a significant multi-billion windfall tax to raise funds for public investment; and further believes that the Government should ensure that any bank in receipt of taxpayers' support should not make redundant any ordinary workers.","date":"2009-12-09","status":"o"},{"topic":"Financial institutions","id":"39960","proposer":"13735","edm":"398","session":"2009-10","title":"Rbs Assets And United Kingdom Taxpayer Liabilities","text":"That this House notes with alarm the contents of the HM Treasury report, Royal Bank of Scotland: details of Asset Protection Scheme and launch of the Asset Protection Agency, published on 7 December 2009; remains extremely concerned that United Kingdom taxpayers are currently underwriting more than \u00a3167 billion of RBS toxic assets in the United States, Ireland, and the Middle East and that out of a global total of \u00a3281.9 billion of assets RBS has placed under taxpayer protection, the overdrafts on 3.2 million including British bank accounts and 70,000 UK mortgages at an average loan-to-value ratio of an extremely high 95 per cent., a vast portfolio of loans to Irish businesses and customers, including \u00a32.9 billion worth of negative equity mortgages throughout Ireland, some \u00a33.1 billion of loans to hedge fund managers, almost half of whom were based in the Cayman Islands and a third in the United States, almost \u00a34 billion worth of shipping loans secured against oil tankers and container ships, and \u00a339 billion in derivatives; further notes that RBS is one of the biggest global investors in unsustainable fossil fuel power plants and carbon-intensive transport projects; believes that these reckless and anti-environmental uses of investment capital were carried out by many of the same bankers now demanding end-of-year bonuses of up to \u00a31,000,000; believes their activities have been counter to the national sustainability strategy; and calls on the Government to use its shareholding in RBS via UK Financial Investments Ltd to disband RBS's investment portfolio, and to re-direct investment into sustainable, low carbon technologies.","date":"2009-12-08","status":"o"},{"topic":"Financial institutions","id":"39947","proposer":"10379","edm":"344A1","session":"2009-10","title":"Post Bank","text":"at end add `which includes credit unions as local, ethical providers of inclusive financial services with a natural synergy with the Post Office, and which should be a central part of any Post Bank.'.","date":"2009-12-07","status":"o"},{"topic":"Financial institutions","id":"39904","proposer":"10282","edm":"344","session":"2009-10","title":"Post Bank","text":"That this House welcomes the Prime Minister's recent announcement on the extension of banking services offered through the Post Office; further welcomes the Government's consultation on providing such services; notes that proposals for a Post Office Bank present a unique opportunity to return trust to the banking sector by creating a fairer institution to tackle financial exclusion, boost the economy by lending to small businesses, improve the sustainability of the Post Office Network and re-establish a local bank in areas affected by bank closures; regrets however, the limited scope of the consultation, which will not cover the appropriate structure and funding model necessary for its delivery; further notes that the Business and Enterprise Select Committee urged the Government to review the current strategy for the delivery of financial services; and calls on the Government urgently to support the delivery of a Post Bank.","date":"2009-12-03","status":"o"},{"topic":"Financial institutions","id":"39907","proposer":"10487","edm":"347","session":"2009-10","title":"Royal Bank Of Scotland Directors","text":"That this House urges the Government to resist the demands of the directors of the Royal Bank of Scotland to be allowed to pay million pound bonuses to their investment banking staff, and to accept without hesitation the resignations of those directors when they are offered.","date":"2009-12-03","status":"o"},{"topic":"Financial institutions","id":"39800","proposer":"10379","edm":"257","session":"2009-10","title":"Remutualisation Of Banks","text":"That this House congratulates the success of mutuals and recognises their important contribution to the UK's economy; notes that one in three citizens is a member of at least one mutual and the sector has continued to grow despite the dramatic economic backdrop; further notes that overall revenues now exceed \u00a398 billion which have risen from \u00a384 billion in 2008 and mutuals are going from strength to strength and provide security and choice for consumers; further notes there are currently 52 mutual building societies in the UK and collectively they have 22 million members, employ 42,300 people and have assets of \u00a3341 billion; further notes that it is the ethics of the principle of mutuality that make these institutions so strong; further notes that not one building society survived as an independent British Bank after the regrettable demutualisations of the 1980s and 1990s; and urges the Government, as part of the restructuring of the banking sector, to enable and encourage the remutualisation of a significant part of it, including the conventional banking side of Northern Rock.","date":"2009-11-26","status":"o"},{"topic":"Financial institutions","id":"39797","proposer":"10137","edm":"254","session":"2009-10","title":"Citizen's Charge On Bank Bonuses And Dividends","text":"That this House notes that almost every bank based in the United Kingdom required liquidity and other support from the British authorities in 2008 and, in addition, a number required public ownership or capital support; further notes the public concern about the contrast between this welfare dependency of the British financial sector and the recent return to big bonus payouts; calls on the Government to introduce a citizen's charge or people's dividend on the growth of the bonus pools and dividend payouts in the institutions that receive public support; and believes that this citizen's charge should start in the 2009-10 financial year.","date":"2009-11-25","status":"o"},{"topic":"Financial institutions","id":"39651","proposer":"13735","edm":"114","session":"2009-10","title":"Remuneration Of Royal Bank Of Scotland Chief Executive","text":"That this House is appalled that UK Financial Investments Ltd (UKFI), the public body created by HM Treasury to oversee the taxpayers' interests in the billions of pounds of public money provided to the failing private banks, has seen fit, on behalf of taxpayers, to endorse the obscene financial package worth \u00a39,600,000 per year to Stephen Hester as chief executive of the Royal Bank of Scotland (RBS), which is 70 per cent. owned by taxpayers; contrasts this utterly unacceptable and incomprehensible UKFI decision with the announcement of RBS a month earlier on 21 May to make redundant 700 workers in the first wave of a planned 4,500 job losses across the United Kingdom, which followed an announcement of 9,000 job losses by RBS in April; does not accept that this absurd level of payment is necessary to incentivise efficient management of RBS, noting that outgoing RBS chief executive Sir Fred Goodwin was paid a massive \u00a34,190,000 a year, and his business decisions brought the bank to the verge of ruin; recalls that Mr Hester told the Treasury Committee on 11 February 2009 `I do think banking pay in some areas of the industry is way too high and needs to come down and I intend us to lead that process'; believes the remuneration package offered to Mr Hester is entirely inconsistent with his own intention; and therefore believes the Chancellor should intervene immediately with UKFI to block this outrageous planned payment to Mr Hester.","date":"2009-11-19","status":"o"},{"topic":"Financial institutions","id":"39653","proposer":"13735","edm":"116","session":"2009-10","title":"Royal Bank Of Scotland Bonuses And Use Of Public Money","text":"That this House contrasts the decision on 2 November 2009 of the senior executives of Royal Bank of Scotland (RBS) to make redundant 3,700 workers with its decision reported on 12 August 2009 to offer a \u00a37 million golden handshake to hire one so-called star banker from Merrill Lynch bank and to recruit another banker, as finance director, from the Bank of New York Mellon on a salary package worth more than \u00a35.4 million a year; notes with serious concern the RBS senior management decision in October to set aside a \u00a34 billion bonus pot, which would top the deals awarded at the peak of the financial boom in 2007 and are 66 per cent. higher than those paid in 2008; believes there is no justification for the management of this failed bank receiving such obscene bonuses; recalls that the Economic Secretary to the Treasury told the hon. Member for Blaenau Gwent in a written answer on 17 December 2008, Official Report, column 823W, that UK Financial Investments Limited, which was wholly owned by the Government, would work to ensure management incentivisation based on long-term value maximisation, which attracts and retains high quality management and which minimises the potential for rewarding failure; further believes there is no justification for bailing out RBS with a further \u00a325.5 billion from the public purse while its management is reducing its workforce and increasing their own bonuses; and regrets that the Government, instead of handing over billions of pounds of additional taxpayers' money to failed banks, has not fully nationalised them in the public interest.","date":"2009-11-19","status":"o"},{"topic":"Financial institutions","id":"39671","proposer":"10785","edm":"134","session":"2009-10","title":"Lloyds Tsb And Scottish Charities","text":"That this House notes with regret the recent decision by Lloyds Banking Group to cut its Scottish charitable foundations funding worth an estimated six million pounds annually; further notes the concerns raised that many Scottish charities face closure, job losses and scaling down as a result of the loss of funding; further notes that Scottish charities are set to lose \u00a322 million over the next nine years as a result of the banks new proposals; further notes that over the past year Lloyds Bank has received over \u00a340 billion in Government aid; recognises that the charitable foundation is an independent body which operates to a covenant put in place by an Act of Parliament; applauds the work of the foundation which since its establishment in 1985 has delivered more than 12,000 awards totalling nearly \u00a385 million to disadvantaged people and communities across Scotland; and urges the bank to reconsider its funding cuts decision.","date":"2009-11-19","status":"o"},{"topic":"Financial institutions","id":"39613","proposer":"10780","edm":"76","session":"2009-10","title":"Banking Payments","text":"That this House notes the problems associated with terminating regular payments to private sector companies such as to the Setanta sports broadcaster; and calls on financial institutions to examine ways of ensuring that their systems give primacy to the individual so that when specific written instructions are given to cease payments these instructions are carried out.","date":"2009-11-18","status":"o"},{"topic":"Financial institutions","id":"39622","proposer":"11185","edm":"85","session":"2009-10","title":"Islay And Bank Of Scotland","text":"That this House notes the decision of the Bank of Scotland to remove the post of business relationship manager from its branch on the island of Islay; further notes the strong concern expressed by the island's business community that managers based on the mainland will not have the same understanding of the island's people, businesses and economy as a manager based on the island; and urges the Bank of Scotland to reinstate this post.","date":"2009-11-18","status":"o"},{"topic":"Financial institutions","id":"39506","proposer":"10008","edm":"2233A1","session":"2008-09","title":"Mutualisation And The Banking Sector","text":"at end add `and notes the positive impact this would have on stabilising and defining the acceptable sources of finance for housing and delegitimising the investment bank speculation in the housing mortgage market which triggered the global recession.'.","date":"2009-11-05","status":"o"},{"topic":"Financial institutions","id":"39494","proposer":"10633","edm":"2233","session":"2008-09","title":"Mutualisation And The Banking Sector","text":"That this House regrets the disappearance of so many building societies through the demutualisations that occurred in the 1980s and 1990s; notes that not one of these institutions has survived as an independent British bank; applauds the ethic that underlies the principle of mutuality; and urges the Government, as part of the restructuring of the banking sector, to enable and encourage the remutualisation of a significant part of it, including the conventional banking side of Northern Rock.","date":"2009-11-04","status":"o"},{"topic":"Financial institutions","id":"39480","proposer":"13735","edm":"2220","session":"2008-09","title":"Royal Bank Of Scotland Bonuses And Use Of Public Money","text":"That this House contrasts the decision on 2 November 2009 of the senior executives of Royal Bank of Scotland (RBS) to make redundant 3,700 workers with its decision reported on 12 August 2009 to offer a \u00a37 million golden handshake to hire one so-called star banker from Merill Lynch bank and to recruit another banker, as finance director, from the Bank of New York Mellon on a salary package worth more than \u00a35.4 million a year; notes with serious concern the RBS senior management decision in October to set aside a \u00a34 billion bonus pot, which would top the deals awarded at the peak of the financial boom in 2007 and are 66 per cent. higher than those paid in 2008; believes there is no justification for the management of this failed bank receiving such obscene bonuses; recalls that the Economic Secretary to the Treasury told the hon. Member for Blaneau Gwent in a written answer on 17 December 2008, Official Report, column 823W, that UK Financial Investments Limited, which was wholly owned by the Government, would work to ensure management incentivisation based on long-term value maximisation, which attracts and retains high quality management and which minimises the potential for rewarding failure; further believes there is no justification of bailing out RBS with a further \u00a325.5 billion from the public purse while its management is reducing its workforce and increasing their own bonuses; and regrets that the Government, instead of handing over billions of pounds of additional taxpayers' money to failed banks, has not fully nationalised them in the public interest.","date":"2009-11-03","status":"o"},{"topic":"Financial institutions","id":"39444","proposer":"11589","edm":"2189","session":"2008-09","title":"Ulster Bank (Rbs Group) And Lower Paid Staff","text":"That this House notes the payment by the Royal Bank of Scotland Group to lower-paid staff earning between \u00a311,000 and \u00a321,000 in Great Britain of a contractual 10 per cent. bonus and an average annual cost-of-living award of 2.6 per cent. encouraged and sanctioned by the Chancellor of the Exchequer; calls on the wholly-owned RBS Group subsidiary Ulster Bank to ensure the same payments are made to lower-paid staff in Northern Ireland and the Republic of Ireland; recognises the importance of continued discussions between RBS Group and UNITE as the union of its staff in Great Britain; regrets the withdrawal by Ulster Bank from an agreed mediation process with the staff trade union in Northern Ireland, IBOA-the Finance Union; urges Ulster Bank to return immediately to meaningful dialogue with the IBOA union; further notes that Ulster Bank's current pension offer communicated to staff without union agreement may be in breach of pension regulations in respect of both staff consultation requirements and active employer persuasion; deplores the Bank's attempt to induce lower-paid employees to accept less favourable pension terms in return for receipt of withheld remunerations; further urges Ulster Bank to abandon those proposals and recommence negotiations with IBOA; and further calls on the Chancellor of the Exchequer and UK Financial Investments to instruct the RBS Group to ensure that is staff across the UK and Ireland are treated properly and equitably.","date":"2009-10-28","status":"o"},{"topic":"Financial institutions","id":"39411","proposer":"10137","edm":"2161","session":"2008-09","title":"Citizen's Charge On Bank Bonuses And Dividends","text":"That this House notes that almost every bank based in the United Kingdom required liquidity and other support from the Government in 2008 and, in addition, a number required public ownership or capital support; further notes public concern about the contrast between the welfare dependency of the UK financial sector and the recent return to big bonus payouts; calls on the Government to introduce a citizen's charge or people's dividend on the growth of bonus pools and dividend payouts in those financial institutions which received public support; and believes that this citizen's charge should start in the 2009-10 financial year.","date":"2009-10-27","status":"o"},{"topic":"Financial institutions","id":"39415","proposer":"10170","edm":"2165","session":"2008-09","title":"Travel Insurance Policies","text":"That this House notes the difficulties that can arise with travel insurance cover for people requiring hospital care abroad when they have obtained inappropriate cover or have failed accurately to answer all questions in the proposal form; acknowledges that the Financial Ombudsman Service provides guidance to consumers about the risks involved, but calls on the Government to give such guidance wider publicity; welcomes and appreciates the generous decision of EHIC Plus Travel Insurance in just such a case where the proposal form was inaccurately completed thereby invalidating cover, to make a substantial voluntary contribution out of sympathy with the predicament of Mrs Jean Edwards, a constituent of the hon. Member for Heywood and Middleton, who is stranded seriously ill in a hospital in Turkey, in order to allow her to be brought back to the UK; and thanks the company for this positive, humanitarian resolution which does credit to the insurance industry.","date":"2009-10-27","status":"o"},{"topic":"Financial institutions","id":"39427","proposer":"11221","edm":"2177","session":"2008-09","title":"Bank Of Scotland Overdraft Charges","text":"That this House is concerned about the changes recently announced by the Bank of Scotland for current account holders' overdraft payments; believes that these new charges could mean customers with a modest overdraft having to pay almost 300 per cent. more on payments to the bank, resulting in even more anxiety and personal debt for those affected; and calls on the bank to reconsider these proposed changes.","date":"2009-10-27","status":"o"},{"topic":"Financial institutions","id":"39376","proposer":"11458","edm":"2142","session":"2008-09","title":"Reduction In Bank And Post Office Branch Network","text":"That this House notes the reduction in the post office branch network over the last decade; further notes the parallel constriction of the retail bank network, with further closures pending as the banks seek a return to profitability; further notes the irony of state-supported banking companies closing their branches, for instance in Westbury on Trym, Bristol, and directing customers to the local post office; and therefore requests the Department of Business, Innovation and Skills to undertake a review of customer service standards at the remaining post office branches.","date":"2009-10-22","status":"o"},{"topic":"Financial institutions","id":"39313","proposer":"10295","edm":"2082","session":"2008-09","title":"Royal Bank Of Scotland Bonuses","text":"That this House notes with alarm plans by the Royal Bank of Scotland (RBS) investment banking arm to pay record bonuses of up to \u00a35 million; believes that this is a snub to taxpayers and businesses who are still struggling following the collapse of the banks in the autumn of 2008; recognises that the plans being forwarded by RBS show that the greed culture has not changed within the industry while the causes of the failure in the banking system have not been fully addressed; supports the comments by Lord Myners who is urging all banks to hold onto cash in order to build up reserves, rather than hand out huge bonuses to executives and traders; and calls on UK Financial Investments to oppose the planned bonus payments.","date":"2009-10-19","status":"o"},{"topic":"Financial institutions","id":"39302","proposer":"10785","edm":"2071","session":"2008-09","title":"Lloyds Tsb And Scottish Charities","text":"That this House notes with regret the recent decision by Lloyds Banking Group to cut its Scottish charitable foundations funding worth an estimated \u00a36 billion annually; notes the concerns raised that many Scottish charities face closure, job losses and scaling down as a result of the loss of funding; further notes that Scottish charities are set to lose \u00a322 million over the next nine years as a result of the bank's new proposals; further notes that over the past year Lloyds Bank has received over \u00a340 billion in Government aid; recognises that the charitable foundation is an independent body which operates to a covenant put in place by an Act of Parliament; applauds the work of the foundation which since its establishment in 1985 has delivered more than 12,000 awards totalling nearly \u00a385 million to disadvantaged people and communities across Scotland; and urges the bank to reconsider its funding cuts decision.","date":"2009-10-16","status":"o"},{"topic":"Financial institutions","id":"39280","proposer":"10383","edm":"2050","session":"2008-09","title":"City Bonuses (No. 2)","text":"That this House recalls that every year since 2005 a number of hon. Members have supported early day motions calling upon the Government to take action against the obscene level of City bonuses; notes with concern recent reports that this year's City Christmas bonuses are forecast to total at least \u00a35 billion; and once again calls upon the Government to take decisive action to tackle this unacceptable level of bonuses and the return of the bonus culture in the City.","date":"2009-10-14","status":"o"},{"topic":"Financial institutions","id":"39237","proposer":"10431","edm":"2008","session":"2008-09","title":"Separation Of Speculative And Retail Banking","text":"That this House notes the enormous damage that the international banking crisis has done to jobs, businesses and public finances and to some of the world's poorest people; recognises the substantial and continuing resources provided by taxpayers to support banks; acknowledges that an important part of this crisis was caused by a number of traditional deposit taking retail banks becoming involved either directly or indirectly with speculative, casino-style, investment banking; welcomes the support of all political parties for continuing to provide a government guarantee for retail deposits held in banks; notes also that when banks are systemically important it is the taxpayer rather than the shareholder who carries the ultimate risk; supports much stronger regulation of banks to help prevent such a crisis in the future; recognises that, given constant financial innovation, regulation on its own will never be completely successful in always preventing massive losses on speculative casino-type investment banking; acknowledges that in a bank that combines speculative investment banking and traditional retail banking, massive losses on the speculative side would threaten its retail deposits thus necessitating taxpayers to rescue such a combined bank; and therefore calls on the Government in its forthcoming banking legislation to separate speculative casing banking from traditional retail banking and, as well as leading by example, to encourage a similar approach internationally.","date":"2009-10-12","status":"o"},{"topic":"Financial institutions","id":"39183","proposer":"11280","edm":"1956","session":"2008-09","title":"Bradford And Bingley","text":"That this House notes the decision by the Financial Services Authority to revoke Bradford and Bingley's deposit-taking licence and the consequent decision by the Government to bring Bradford and Bingley into public ownership; further notes that as a consequence of demutualisation there are many subordinate debt holders and former shareholders, for many of whom this investment represented a substantial portion of their life savings; further notes with concern the decision to cease payment of interest on the subordinate debt; calls on the Government to review this decision; further notes the decision to appoint an independent valuer for the shares; and further calls on the Government to ensure that the valuer's terms of reference will allow a fair valuation for former shareholders.","date":"2009-07-21","status":"o"},{"topic":"Financial institutions","id":"39135","proposer":"13735","edm":"1910","session":"2008-09","title":"BANKERS' BONUSES AND GOLDMAN SACHS","text":"That this House notes with dismay that the Goldman Sachs bank, having reported on 14 July record earnings of $3.44 billion, or \u00c2\u00a32.1 billion, for the second quarter, up 65 per cent. from the three months to 30 May last year, on revenues of $13.76 billion, has decided to set aside $6.6 billion for compensation bonuses for its senior bankers; further notes that the bank has indicated that if such growth is maintained, its staff could share total pay and bonuses of more than $22 billion, equating to a pay out of an average of $770,000 to each of its 29,400 employees; believes such obscene profits are made by encouraging the very reckless risk-taking that brought down or severely damaged several major banks, including Lehman Brothers, HBOS, RBS and Northern Rock in the credit crunch crisis; further believes that such massive bonuses run counter to the restraint urged by the Chancellor of the Exchequer and other Ministers on banks and other businesses in respect of bonuses; and therefore calls on the Government to halt any future contracts with Goldman Sachs until a more responsible approach to executive pay and perks is demonstrated by the bank.","date":"2009-07-16","status":"o"},{"topic":"Financial institutions","id":"39098","proposer":"10465","edm":"1877","session":"2008-09","title":"Regal Fayre And The Royal Bank Of Scotland","text":"That this House notes the considerable efforts which Ian Settle of the Royal Bank of Scotland has made to work in partnership with Regal Fayre and the Help for Business team in the Department for Business, Innovation and Skills to develop a financial arrangement to enable the opening of their factory in the town of Montgomery; believes that, without this partnership, up to 50 jobs would not be created in the town during the next 12 months; applauds the contribution of Mr Settle and the Royal Bank of Scotland towards this venture; and believes this is a perfect example of a bank and a client working at their best to help an area begin to recover from the economic downturn, in line with the Government's stated strategy.","date":"2009-07-14","status":"o"},{"topic":"Financial institutions","id":"39065","proposer":"11345","edm":"1847","session":"2008-09","title":"Tax On Bonus Payments To Bankers","text":"That this House notes the continued payment of bonuses to bankers; recognises that in some circumstances a bonus may be justified but believes that the bonuses being paid are generally excessive; and therefore calls on the Government to limit bonus payments to bankers by applying a 90 per cent. tax on all bonus payments in excess of 15 per cent. of salary.","date":"2009-07-09","status":"o"},{"topic":"Financial institutions","id":"38923","proposer":"10197","edm":"1725","session":"2008-09","title":"Governor Of Bank Of England","text":"That this House congratulates the Governor of the Bank of England in outlining a strategy which will in future ensure that no bank is too large to fail; and further supports the Governor in his wish to separate high street retail banking from risky investment banking.","date":"2009-06-23","status":"o"},{"topic":"Financial institutions","id":"38914","proposer":"10383","edm":"1721","session":"2008-09","title":"Banking Sector","text":"That this House notes that the Government bailed out the Royal Bank of Scotland (RBS) with billions of pounds of taxpayers' money and now has a 70 per cent. stake in the banking group; further notes that since that time RBS has announced more than 10,000 job losses; is appalled that the new Chief Executive has been awarded a pay deal of up to \u00c2\u00a39.6 million, which represents nearly 3,000 times the income of one of the many ex-RBS staff members now claiming jobseeker's allowance; notes with concern reports that Goldman Sachs will be paying out the biggest bonus payouts in the firm's 140 year history; and therefore believes that the Government must now intervene to control the banks in which it has a public stake and legislate to ensure the interests of bank workers and customers are prioritised by the banks rather than the bonuses, pay and dividends of executives and shareholders who caused the UK banking crisis.","date":"2009-06-22","status":"o"},{"topic":"Financial institutions","id":"38916","proposer":"13735","edm":"1723","session":"2008-09","title":"Remuneration Of Royal Bank Of Scotland Chief Executive","text":"That this House is appalled that UK Financial Investments Ltd (UKFI), the public body created by HM Treasury to oversee the taxpayers' interests in the billions of pounds of public money provided to the failing private banks, has seen fit, on behalf of taxpayers, to endorse the obscene financial package worth 9,600,000 per year to Stephen Hester as chief executive of the Royal Bank of Scotland (RBS), which is 70 per cent. owned by taxpayers; contrasts this utterly unacceptable and incomprehensible UKFI decision with the announcement of RBS a month earlier on 21 May to make redundant 700 workers in the first wave of a planned 4,500 job losses across the United Kingdom, which followed an announcement of 9,000 job losses by RBS in April; does not accept that this absurd level of payment is necessary to incentivise efficient management of RBS, noting that outgoing RBS chief executive Sir Fred Goodwin was paid a massive 4,190,000 a year, and his business decisions brought the bank to the verge of ruin; recalls that Mr Hester told the Treasury Committee on 11 February 2009 `I do think banking pay in some areas of the industry is way too high and needs to come down and I intend us to lead that process'; believes the remuneration package offered to Mr Hester is entirely inconsistent with his own intention; and therefore believes the Chancellor should intervene immediately with UKFI to block this outrageous planned payment to Mr Hester.","date":"2009-06-22","status":"o"},{"topic":"Financial institutions","id":"38884","proposer":"11817","edm":"1693","session":"2008-09","title":"Conduct Of Independent Adviser On Equitable Life","text":"That this House notes with intense anger and frustration the refusal of Sir John Chadwick to meet the 140-strong All-Party Group for Justice for Equitable Life Policyholders; further notes that, while these 140 hon. Members have several pressing questions for Sir John to answer, he refuses to interact with representatives in Parliament; further notes that the refusal of Sir John to meet the Group is typical of the subservience of the establishment to the present Government; is appalled that, at a time when 15 Equitable Life policyholders are dying every day, and while thousands of other policyholders worry for their livelihoods in retirement, Sir John is frequently abroad; further notes that he is presently out of the country until 29 June; draws attention to the fact that Sir John's main assistant dealing with enquiries while he is abroad, Mr Simon Bor, is seconded from the Treasury, and considers this to be a complete conflict of interest; and has no confidence in Sir John in his capacity as independent adviser to the Government in relation to the Equitable Life ex-gratia payment scheme and calls on him to resign this position with immediate effect.","date":"2009-06-17","status":"o"},{"topic":"Financial institutions","id":"38891","proposer":"11038","edm":"1700","session":"2008-09","title":"Governance Of The Financial Services Authority","text":"That this House notes with concern the dominance of people with a financial services industry background on the board of the Financial Services Authority (FSA); acknowledges the concerns of consumer organisations such as Which? that this limits the board's ability to challenge the application of regulation and supervision by the senior management of the FSA and to promote and represent the interests of ordinary consumers; highlights the importance in the current economic climate of ensuring that the right decisions are taken on issues relating to financial regulation including rewards and remuneration in the sector; and therefore urges the FSA to ensure that suitable consumer representation is reflected on the board as a matter of urgency.","date":"2009-06-17","status":"o"},{"topic":"Financial institutions","id":"38748","proposer":"10614","edm":"1570","session":"2008-09","title":"Alliance And Leicester And Santander","text":"That this House has serious concerns that Alliance and Leicester, Abbey and Bradford and Bingley Savings will all be brought together under the Santander name by the end of 2010; welcomes the important role that local banks have on British high streets and believes that any name changes will prove a real loss for the identity of the businesses in the local communities concerned; notes that Alliance and Leicester has a long history in Leicester and is part of the commercial fabric of the city with one third of all branches remaining in the Leicestershire area; fears that any restructuring of the bank will result in a significant number of job losses; and calls on Santander to ensure that Alliance and Leicester retains some of its local identity and that bank employees and the local community are not negatively affected by any change in name.","date":"2009-06-02","status":"o"},{"topic":"Financial institutions","id":"38593","proposer":"10261","edm":"1068A2","session":"2008-09","title":"SIR FRED GOODWIN'S KNIGHTHOOD","text":"at end add `and calls on the Government to avoid being so transfixed by wealth that it deems any wealthy businessman to be worthy of a knighthood.'.","date":"2009-05-05","status":"o"},{"topic":"Financial institutions","id":"38573","proposer":"10383","edm":"1412","session":"2008-09","title":"City Bonuses","text":"That this House is shocked by data from the Office for National Statistics that city bonuses are expected to be \u00c2\u00a37 billion this year, in the midst of the deepest recession in a generation; believes the Government should act immediately to introduce a windfall wealth tax on these bonuses; notes that many of these same institutions have been saved from bankruptcy by taxpayers' cash, and have laid off thousands of workers in recent months; and therefore calls on the Government to nationalise the financial sector to protect the taxpayer, save jobs and ensure profits are used to fund public need rather than private greed.","date":"2009-04-30","status":"o"},{"topic":"Financial institutions","id":"38555","proposer":"10062","edm":"1394","session":"2008-09","title":"Charities And Icelandic Banks","text":"That this House urges the Government to accept the recommendations of the Treasury Select Committee report into the Banking crisis and the impact of the failure of the Icelandic banks (Fifth Report from the Treasury Committee, Session 2008-09, HC 402); notes the recommendation that on this occasion, all charities be compensated for their losses; and further urges the Government to take immediate action to compensate charities so that they can continue with their important work.","date":"2009-04-29","status":"o"},{"topic":"Financial institutions","id":"38517","proposer":"10544","edm":"1214A1","session":"2008-09","title":"Bank Pensions","text":"at end add `, in other words be paid only out of the toxic debt they created.'.","date":"2009-04-27","status":"o"},{"topic":"Financial institutions","id":"38470","proposer":"10465","edm":"1319","session":"2008-09","title":"Nationwide Branch In Llanidloes","text":"That this House notes with concern the Nationwide Building Society's possible closure of its facility in Llanidloes; believes that the franchisees are willing to discuss any conditions which would ensure the continued operation of this outlet; and respectfully calls on Nationwide to negotiate with the franchisees with a view to seeking satisfactory terms for both parties such that the branch can continue to operate profitably and for the benefit of the local community.","date":"2009-04-22","status":"o"},{"topic":"Financial institutions","id":"38435","proposer":"10436","edm":"1297","session":"2008-09","title":"Enforcement Of Bank Of England Act 1694","text":"That this House, observing that the intention of the founding Act of the Bank of England in 1694 was `that their Majesties' subjects may not be oppressed by the said corporation', notes that those subjects have been seriously oppressed by the Bank's failure to control the greed, risk-taking and speculation of the banking system over which it presides; and therefore suggests that this oppression should be dealt with as the Act provides by fines three times the value of the abusive trading.","date":"2009-04-20","status":"o"},{"topic":"Financial institutions","id":"38382","proposer":"11607","edm":"1258","session":"2008-09","title":"Help For Small And Medium-Sized Businesses","text":"That this House welcomes the steps the Government has taken to help small and medium-sized businesses during the recession; recognises that more could be done to build on policies like the Enterprise Finance Guarantee which can help business survive the current economic climate; supports a call from Calderdale Trades Council for the establishment of credit unions for small and medium-sized businesses in Halifax and other places; urges the Government to look closely at piloting such an initiative in an area like Calderdale before rolling it out nationally; supports such a move as it would help secure jobs by providing working capital for small and medium-sized enterprises; further recognises that in the long-term such unions would aim to establish a new financial instrument as they would act as a local merchant bank based on membership and collaborative ownership; further recognises that such a local fund would provide the necessary liquidity for local small employers which are currently being treated harshly by the banks; and calls on the Government to implement this idea to link in with its existing support for businesses.","date":"2009-04-01","status":"o"},{"topic":"Financial institutions","id":"38335","proposer":"10427","edm":"1214","session":"2008-09","title":"Bank Pensions","text":"That this House notes that Sir Fred Goodwin has been awarded a pension of \u00c2\u00a3703,000 a year even though he presided over a 95 per cent. fall in the stock market value of the Royal Bank of Scotland when he was Chief Executive leaving the bank with a deficit of \u00c2\u00a328 billion, the biggest corporate loss in British history; and believes that bankers' pensions should be calculated on the appropriate percentage of accumulated lifetime earnings, and then adjusted in the same proportion as the change in the value of the company under their watch.","date":"2009-03-30","status":"o"},{"topic":"Financial institutions","id":"38288","proposer":"10436","edm":"1168","session":"2008-09","title":"Barclays Bank And Tax Avoidance","text":"That this House condemns Barclays Bank for indulging in alleged tax avoidance schemes which may have reduced the Treasury's tax revenues by over \u00c2\u00a31 billion; and urges the Government not to provide any loans, guarantees and financial support to Barclays and suspend its deposit-taking licence until it cleans up its affairs and withdraws from manufacturing, marketing, sale and implementation of all tax avoidance schemes.","date":"2009-03-24","status":"o"},{"topic":"Financial institutions","id":"38289","proposer":"10436","edm":"1169","session":"2008-09","title":"Wikileak And Barclays Bank","text":"That this House congratulates Wikileak for publishing documents relating to alleged tax avoidance schemes used by Barclays Bank; and urges the Government to place copies of those documents on the HM Treasury website.","date":"2009-03-24","status":"o"},{"topic":"Financial institutions","id":"38267","proposer":"10197","edm":"1149","session":"2008-09","title":"Short Selling And Bank Accounts Bill","text":"That this House welcomes the introduction of the Short Selling and Bank Accounts Bill which seeks to prohibit short selling of shares, to require pension fund managers and trustees to make a statement as to whether their funds were used for the purpose of short selling, and to require banks and building societies to offer their customers an account free of any charge for holding such accounts; and calls on the Government to include its clauses in the forthcoming Finance Bill.","date":"2009-03-23","status":"o"},{"topic":"Financial institutions","id":"38271","proposer":"13712","edm":"1153","session":"2008-09","title":"Dunfermline Building Society","text":"That this House notes reports about the future of Dunfermline Building Society, possible losses and its exposure to the commercial property market; further notes that the Dunfermline has for 130 years been a solid and trusted mutual and is now Scotland's largest building society; expresses concern that building societies are being penalised by the increased capital requirement and funding formula for the Financial Services Compensation Scheme; and calls on the Government to do everything within its power to keep the Dunfermline as a strong independent Scottish mutual.","date":"2009-03-23","status":"o"},{"topic":"Financial institutions","id":"38273","proposer":"10123","edm":"1155","session":"2008-09","title":"Private Equity Capital Businesses","text":"That this House calls on the Financial Services Authority to require transparency of banks in their ongoing dealings with private equity capital enterprises; notes that the massive profits of these businesses were overwhelmingly derived from leverage using money borrowed from banks; is aware of the dismal business acumen of the banks in their dealings with these entities, but also that the enterprises' huge profits and asset acquisitions were substantially predicated on rising values and that in times, as now, of falling values, the amounts borrowed should still be paid back in full and on time; considers it very likely that banks are not calling in this debt on time, enabling private equity businesses, which have received extensive tax advantage and have paid far too little tax, if any at all on their profits, to avoid bankruptcy; further notes that they thereby retain their assets; considers that bankruptcy should be the natural result of their failure, and that they do not warrant any further special privileges; further considers that if they cannot pay up, they should rightly relinquish their unpaid-for assets to the banks, especially to those banks in which the taxpayer has a stake; and therefore calls on banks to provide a full account of their dealings with private equity to inform whether these private equity businesses have paid off their debts on time.","date":"2009-03-23","status":"o"},{"topic":"Financial institutions","id":"38258","proposer":"10383","edm":"1143","session":"2008-09","title":"US BANKERS' BONUS TAX","text":"That this House welcomes the approval by the US House of Representatives of legislation under which bankers with gross incomes of more than $250,000 who received a bonus this year will face a 90 per cent. tax on the bonus; and calls upon the Government to bring forward similar legislative proposals.","date":"2009-03-20","status":"o"},{"topic":"Financial institutions","id":"38247","proposer":"10882","edm":"1135","session":"2008-09","title":"DIRECTORS' CONDUCT AT ROYAL BANK OF SCOTLAND","text":"That this House condemns the conduct of the Royal Bank of Scotland over the pension arrangements it agreed with Sir Fred Goodwin, including picking up the \u00c2\u00a31.8 million tax bill to pay him a \u00c2\u00a32.7 million lump sum; is outraged at the former chief executive's shameless greed in taking it, in addition to his annual \u00c2\u00a3703,000 pension; and calls on the Government to demonstrate its resolve by commencing legal action against the directors or former directors involved, including Sir Fred Goodwin, for breach of fiduciary duty to the bank and its shareholders, who now include the taxpayer.","date":"2009-03-19","status":"o"},{"topic":"Financial institutions","id":"38233","proposer":"10123","edm":"1121","session":"2008-09","title":"Allegations Of Tax Evasion","text":"That this House considers that allegations of tax evasion to the benefit of board members of UK banks should be investigated thoroughly and where sufficient evidence of wrongdoing exists, prosecutions should follow.","date":"2009-03-18","status":"o"},{"topic":"Financial institutions","id":"38200","proposer":"11333","edm":"1068A1","session":"2008-09","title":"SIR FRED GOODWIN'S KNIGHTHOOD","text":"At end add `and notes that Sir Fred Goodwin's knighthood was awarded on the recommendation of the Prime Minister in recognition of services to banking.'.","date":"2009-03-13","status":"o"},{"topic":"Financial institutions","id":"38192","proposer":"10427","edm":"1084","session":"2008-09","title":"BANKERS' BONUSES","text":"That this House notes that the Royal Bank of Scotland has lost \u00c2\u00a38 billion this year and has been forced to write off a further \u00c2\u00a320 billion because of the reckless takeover of ABN Amro yet still intends, despite being owned nearly 70 per cent. by the taxpayer, to pay \u00c2\u00a31 billion in bonuses this year; believes that decisions on bank bonuses should be taken far more expeditiously than the year-long timespan accorded to the committee set up by the Treasury to investigate the issue; further believes that independent judgements will not be reached by a committee chaired by Sir David Walker and composed of members who have themselves received enormous bonuses in the past; further believes that a cap, whether at \u00c2\u00a325,000 or any other level, does not meet the central requirement that there should be no automaticity of bonuses and that employees should be paid the rate for the job without bonuses which can perversely incentivise reckless and harmful transactions; and calls on the Government to introduce regulations speedily to ban the payment of bonuses and, where the state holds a significant proportion of the equity, to recover past bonus payments where they have still been paid even when the company or relevant division of the company made a substantial loss.","date":"2009-03-12","status":"o"},{"topic":"Financial institutions","id":"38170","proposer":"10169","edm":"1066","session":"2008-09","title":"EMPLOYERS' LIABILITY INSURANCE BUREAU BILL","text":"That this House welcomes the Employers' Liability Insurance Bureau Bill as a long overdue reform; believes that it will provide the necessary mechanism to ensure compensation for employees who suffer injury, illness or disease as a consequence of the acts or omissions of a negligent, but uninsured employer, or an employer who has ceased trading and whose insurers cannot be traced; notes that the provisions of the Bill would particularly benefit sufferers of diseases such as asbestosis and mesothelioma, which are often diagnosed long after the negligent response to harm; and urges all hon. Members and the Government to give the Bill a second reading on 13 March 2009 and a fast passage through committee.","date":"2009-03-11","status":"o"},{"topic":"Financial institutions","id":"38172","proposer":"10526","edm":"1068","session":"2008-09","title":"SIR FRED GOODWIN'S KNIGHTHOOD","text":"That this House expresses its indignation at the continued refusal of Sir Fred Goodwin to reduce his pension; believes that in order to preserve the integrity of the honours system his knighthood should be forfeited; and accordingly calls for an early meeting of the Forfeiture Committee to consider his case.","date":"2009-03-11","status":"o"},{"topic":"Financial institutions","id":"38131","proposer":"11093","edm":"1033","session":"2008-09","title":"Status Of The Halifax Building Society","text":"That this House notes that the Halifax building society has a long, stable history, and that for nearly 150 years it was a safe place for investments and a dependable mortgage broker, set up for the mutual benefit of its members; further notes that using the Building Societies Act 1986 the Halifax demutualised 12 years ago; further notes that it combined with the Bank of Scotland in 2001 and that it is now part of the troubled Lloyds Banking Group; and calls on the Halifax to be remutualised for the benefit of savers and mortgage holders.","date":"2009-03-10","status":"o"},{"topic":"Financial institutions","id":"38133","proposer":"11312","edm":"1035","session":"2008-09","title":"Lloyds Tsb And Interpal","text":"The Status of this EDM is Withdrawn.","date":"2009-03-10","status":"o"},{"topic":"Financial institutions","id":"38135","proposer":"11707","edm":"1037","session":"2008-09","title":"Christie Charity And The Financial Services Compensation Scheme","text":"That this House notes with dismay the decision by the Financial Services Compensation Scheme not to allow The Christie charity's claim for \u00c2\u00a36.5 million after the collapse of the UK-regulated bank Kaupthing, Singer and Friedlander; further notes that this decision will have no impact on services or jobs, but that it puts under threat future research developments and new buildings; recognises the outstanding healthcare and support provided by The Christie to cancer patients and their families and the contribution made by thousands of individuals who work tirelessly to raise money to support the work of The Christie; welcomes the plans by The Christie to apply for a judicial review to overturn the decision; and looks forward to the money being returned to The Christie.","date":"2009-03-10","status":"o"},{"topic":"Financial institutions","id":"38141","proposer":"10367","edm":"1043","session":"2008-09","title":"Christie Charity And The Financial Services Compensation Scheme (No. 2)","text":"That this House expresses grave concern at the decision of the Financial Services Authority's compensation scheme to refuse to reimburse the charity of Manchester's renowned Christie cancer hospital; recalls that this charity suffered the loss of 6.5 million with the collapse of the Kaupthing, Singer and Friedlander bank; recognises that these monies represent the many small donations from countless individuals who gave to show gratitude for the wonderful work of Christie hospital for themselves, their family and friends, or simply in recognition of that work; regrets that the loss of these monies will lead to a reduction in current life-saving research programmes and the cancellation of a 50 million joint research development with the University of Manchester; and calls on the Financial Services Authority and Treasury Ministers to review this decision in order to prevent these unacceptable consequences.","date":"2009-03-10","status":"o"},{"topic":"Financial institutions","id":"38115","proposer":"10777","edm":"1021","session":"2008-09","title":"Banks And Banking (S.i., 2009, No. 320)","text":"That an humble Address be presented to Her Majesty, praying that the Bradford and Bingley plc Transfer of Securities and Property etc. (Amendment) Order 2009 (S.I., 2009, No. 320), dated 19 February 2009, a copy of which was laid before this House on 19 February, be annulled.","date":"2009-03-09","status":"o"},{"topic":"Financial institutions","id":"38116","proposer":"10123","edm":"1022","session":"2008-09","title":"Legal Action And Banks","text":"That this House considers that all costs arising from legal action brought against the Royal Bank of Scotland or other banks being supported by public money, in relation to events preceding that support being provided, should be met by the banks' directors who were in post before the provision of public support.","date":"2009-03-09","status":"o"},{"topic":"Financial institutions","id":"38087","proposer":"10057","edm":"995","session":"2008-09","title":"GARTMORE'S FORMER CHIEF EXECUTIVE","text":"That this House recognises that public bank accounts in 1999 recording a pension to a group company's chief executive after 16 years of employment are a sufficient record over a sufficient period to have little relevance to issues of current political questioning.","date":"2009-03-05","status":"o"},{"topic":"Financial institutions","id":"38066","proposer":"10197","edm":"982","session":"2008-09","title":"Bonuses For Low Paid Workers","text":"That this House believes that any review the Government initiates, or asks other bodies to initiate, of the bonus system in banking and financial services should be given terms of reference which take account of how important the bonus system is to lower paid workers.","date":"2009-03-04","status":"o"},{"topic":"Financial institutions","id":"38039","proposer":"10393","edm":"957","session":"2008-09","title":"Hm Treasury Departmental Minute Dated 26 February 2009","text":"That this House notes that the contingent liability arising from the financial guarantee offered by the Asset Protection Scheme to the Royal Bank of Scotland (RBS) has been set out in a Departmental Minute on 26 February 2009; regrets that only four copies were made available to the House; believes it unhelpful and discourteous for HM Treasury not to have published it as a Command Paper; is mindful that the unprecedented scale of the RBS assets which are the subject of the protection and contingent liability totals 325 billion; further records that the Treasury intends further discussions to be conducted and that further conditions have to be agreed by RBS before final signature by the Treasury of the scheme agreements; and being mindful and jealous of its historic duty to provide scrutiny and vote supply, demands that before signatures are applied on behalf of HM Treasury the final agreed scheme will need to be approved by the House.","date":"2009-03-03","status":"o"},{"topic":"Financial institutions","id":"37959","proposer":"11494","edm":"880","session":"2008-09","title":"Royal Bank Of Scotland And Climate Change","text":"That this House notes that one of the most significant outcomes of the recent financial crisis has been the Government's acquisition of a majority stake in the Royal Bank of Scotland (RBS); further notes that RBS has been identified by campaign groups People and Planet and Platform as the UK bank that is the most heavily involved in financing the expansion of fossil fuel projects around the world, and that the carbon dioxide emissions embedded in RBS's project finance in 2006 were calculated to be greater than the carbon dioxide emissions of Scotland itself; believes that the fact that banks play such a large role in providing finance to projects that are exacerbating climate change has been wholly unaddressed in Government policy; further believes that there is an urgent need for the Government's new banking regulations to include environmental concerns as well as financial concerns; calls on the Government to use its majority share in RBS to prioritise climate change as a principal concern in RBS's lending decisions; further calls on the Government to require RBS to calculate, publish and cap embedded emissions resulting from its lending to fossil fuel projects, and to set annual targets for reducing these emissions; and further calls on the Government to promote RBS investments in renewable energy, new green jobs and the infrastructure needed to decarbonise the economy.","date":"2009-02-25","status":"o"},{"topic":"Financial institutions","id":"37857","proposer":"10487","edm":"795","session":"2008-09","title":"Chief Executives Of Banks","text":"That this House believes chief executives of banks should hold a recognised banking qualification.","date":"2009-02-12","status":"o"},{"topic":"Financial institutions","id":"37862","proposer":"11719","edm":"800","session":"2008-09","title":"Banks And Freedom Of Information","text":"That this House believes that all banks which have received public funds and in which the British taxpayer now owns more than 50 per cent. of their value should be governed by the same freedom of information rules as Parliament; and calls on the senior management of these part-nationalised banks to publish their receipts for expenses in full.","date":"2009-02-12","status":"o"},{"topic":"Financial institutions","id":"37834","proposer":"10541","edm":"774","session":"2008-09","title":"Bank Bonuses (No. 2)","text":"That this House urges the Government not to provide financial assistance to banks in the form of bailout, rescue or insurance schemes unless those banks fund any bonus payments to senior staff from allocations from their own toxic debts issued at face value.","date":"2009-02-11","status":"o"},{"topic":"Financial institutions","id":"37809","proposer":"10021","edm":"752","session":"2008-09","title":"Bank Bonuses","text":"The Status of this EDM is Withdrawn.","date":"2009-02-10","status":"o"},{"topic":"Financial institutions","id":"37815","proposer":"10427","edm":"758","session":"2008-09","title":"Bank Bonus Payments","text":"That this House believes that in the light of the fact that RBS will lose \u00c2\u00a38 billion this year and be forced to write-off a further \u00c2\u00a320 billion because of the reckless takeover of ABN Amro, yet still intends, despite being nearly 70 per cent. owned by the taxpayer, to pay \u00c2\u00a31 billion in bonuses this year, decisions on bank bonuses should be taken far more expeditiously than the year-long timespan accorded to the committee set up by the Treasury to investigate the issue; further believes that independent and robust judgments will not be reached by a committee composed of a chairman, Sir David Walker, and members who have themselves received enormous bonuses in the past; further believes that a cap, whether at \u00c2\u00a325,000 or any other level, does not meet the central requirement that there should be no automaticity of bonuses and that employees should be paid the rate for the job without bonuses, which can perversely incentivise reckless and harmful transactions; and calls on the Government to introduce regulations speedily to ban the payment of bonuses and where the state holds a significant proportion of the equity, to recover past bonus payments even where the company or relevant division of the company made a substantial loss.","date":"2009-02-10","status":"o"},{"topic":"Financial institutions","id":"37824","proposer":"13735","edm":"720A1","session":"2008-09","title":"Bonuses For Bank Senior Executives","text":"leave out from first `to' to end and add `introduce legislation to tax all bonuses paid by banks over \u00c2\u00a31,000 at a 99 per cent. rate.'.","date":"2009-02-10","status":"o"},{"topic":"Financial institutions","id":"37775","proposer":"11245","edm":"720","session":"2008-09","title":"Bonuses For Bank Senior Executives","text":"That this House is deeply concerned about the payment of bonuses to senior executives by state-supported banks; notes that taxpayers have made \u00c2\u00a337 billion available to those banks; and calls on the Government to seek ways to limit excessive banking salaries and to end bonuses for senior executives altogether until the taxpayer is repaid in full.","date":"2009-02-09","status":"o"},{"topic":"Financial institutions","id":"37778","proposer":"11522","edm":"723","session":"2008-09","title":"Salaries In State-Supported Financial Institutions","text":"That this House would welcome the timely introduction of limits on remuneration for directors and employees of banks and financial institutions in receipt of UK state assistance at a level in line with that proposed by President Obama for institutions in receipt of aid from the US administration.","date":"2009-02-09","status":"o"},{"topic":"Financial institutions","id":"37798","proposer":"10586","edm":"743","session":"2008-09","title":"Salaries And Bonuses In The Banking Sector","text":"That this House notes with concern the desire of state-supported banks to pay large bonuses to senior executives at a time when taxpayers have provided a subsidy to those banks in excess of \u00c2\u00a337 billion; further notes the regular reports of job losses around the country in sectors less generously supported by taxpayers; and calls on the Government to consider measures to limit banking salaries and bonuses until the British economy reaches stability.","date":"2009-02-09","status":"o"},{"topic":"Financial institutions","id":"37756","proposer":"10172","edm":"702","session":"2008-09","title":"Presbyterian Mutual Society","text":"That this House notes with concern the plight of investors in the Presbyterian Mutual Society in Northern Ireland; recognises that the society is now in administration due in the main part to the withdrawal of investments brought about by the introduction of a guarantee for the UK banking sector;further notes that the Government has provided assistance to UK investors in overseas banks; and calls on the Prime Minister and the Chancellor of the Exchequer to extend that guarantee to provident and mutual societies such as the Presbyterian Mutual Society.","date":"2009-02-05","status":"o"},{"topic":"Financial institutions","id":"37740","proposer":"11823","edm":"687","session":"2008-09","title":"Trade Credit Insurance","text":"That this House notes with concern the widespread withdrawal of credit insurance and the adverse effect that this is having on businesses of all sizes; further notes that trade credit insurance protects business against not being paid and that Woolworths collapsed in part due to the removal of credit insurance; further notes that about two thirds of credit insurance companies are small businesses that are finding it increasingly hard to access insurance; and calls on the Government to address this matter urgently to ensure that the tens of thousands of sound companies who are struggling to secure insurance do not collapse during this recession.","date":"2009-02-04","status":"o"},{"topic":"Financial institutions","id":"37725","proposer":"10436","edm":"674","session":"2008-09","title":"Banks And Tax Avoidance","text":"That this House is concerned that banks financed by the UK taxpayer through credit, loans, guarantees, preference shares, ordinary shares and other means have been avoiding UK taxes; points out that Lloyds TSB, RBS, HSBC and Barclays have between them 1,207 incorporated offshoots in tax havens to enable them and their clients to avoid and evade taxes so that Barclays paid only an average of 23 per cent. of its profits in tax against the headline rate of 30 per cent.; and urges the Government to investigate the banks and to decline to provide financial support to banks engaged in devising, marketing and implementing tax avoidance schemes that have no economic substance.","date":"2009-02-03","status":"o"},{"topic":"Financial institutions","id":"37576","proposer":"10123","edm":"547","session":"2008-09","title":"Bonus Clawback","text":"That this House expresses disappointment that the Government has not addressed the issue of bonus clawback from, and accountability of, those bankers whose reckless speculation resulted in huge payouts to themselves but has brought catastrophe to the economy.","date":"2009-01-22","status":"o"},{"topic":"Financial institutions","id":"37563","proposer":"13735","edm":"536","session":"2008-09","title":"Nationalisation Of Banks And Alternative Financial Provision","text":"That this House believes that the Government should implement in full the 1983 manifesto policy put forward by the then Leader of the Labour Party, the right hon. Member for Ebbw Vale, now Blaenau Gwent constituency, that the banks should be nationalised; further believes that the future of banking in Britain should include more mutual societies, mortgage providers and financial institutions that give a priority to ethical aims in their management and investment activities; and calls for greater use to be made of the facility available in the national Post Office network and credit unions to provide more flexible and sustainable financing arrangements at this time of widespread loss of confidence in the main, large, existing financial institutions due to their incompetent and reckless past financial mismanagement.","date":"2009-01-21","status":"o"},{"topic":"Financial institutions","id":"37524","proposer":"11450","edm":"500","session":"2008-09","title":"Credit Insurance And The Furniture Manufacturing Industry","text":"That this House acknowledges the importance of the furniture manufacturing industry to the UK economy, with an annual output of almost \u00c2\u00a310 billion and direct employment of around 124,000 people within 7,500 enterprises; further notes the problem of obtaining credit insurance in light of the economic downturn particularly in the furniture manufacturing industry; and recognises that credit insurance companies are promoting panic by removing insurance cover from furniture manufacturers and their suppliers, often without basing such action upon the risk involved or the financial viability of the individuals or firms involved.","date":"2009-01-19","status":"o"},{"topic":"Financial institutions","id":"37470","proposer":"14142","edm":"447","session":"2008-09","title":"Finance Sector Salaries","text":"That this House believes that the finance sector can make a contribution to economic recovery by displaying responsibility in levels of salary and bonus awards; notes with concern reports of large severance payments for departing directors of banks; condemns excessive payments to senior staff whose efforts have contributed to the economic downturn; notes with concern the salary offered by Lloyds TSB to the former Chief Executive of HBOS; accepts that the need for commercial independence in the finance sector can only be guaranteed if responsibility is obvious at boardroom level; and notes that the price of irresponsibility in the finance sector may be further government regulation.","date":"2009-01-14","status":"o"},{"topic":"Financial institutions","id":"37377","proposer":"13735","edm":"362","session":"2008-09","title":"Investment Bank Bonuses","text":"That this House considers the decision of investment bank Goldman Sachs to pay \u00c2\u00a34,300,000,000 in end-of-year bonuses, an average of \u00c2\u00a3142,000 per banker; notes that this demonstrates in microcosm how far out of touch the banking system is in general with the difficulties the general public and small businesses have to make ends meet in the current credit crisis; believes that the 30,000 workforce of Woolworths about to lose their jobs will not be able to understand such financial obscenity; and calls on the Government to cancel any current contracts it has placed, and not to place any further contracts with Goldman Sachs to protest at this insensitivity.","date":"2008-12-18","status":"o"},{"topic":"Financial institutions","id":"37364","proposer":"10383","edm":"353","session":"2008-09","title":"Banking Sector And City Bonuses","text":"That this House notes that in the last year the Government effectively bailed out the banking system in general and several banks in particular; further notes that since that intervention interest rate cuts have not always been passed on in full and the home repossession rate has escalated; is disappointed that City bonuses are expected to amount to \u00c2\u00a33.6 billion this Christmas; believes that this is further evidence of a banking sector unwilling to change its greed is good culture and is obscene at the present time; and therefore believes the banking industry needs to be fully nationalised under public control so that finance is provided in the national interest.","date":"2008-12-17","status":"o"},{"topic":"Financial institutions","id":"37187","proposer":"11823","edm":"193","session":"2008-09","title":"Bank Lending To Small Businesses","text":"That this House shares the grave concerns of the Federation of Small Businesses that 60 small businesses are closing down each day, that 31 per cent. of small businesses have seen the cost of their existing finance increase, that 54 per cent. of small businesses have not seen an increase in the availability of new credit, that at any one time each small business is owed \u00c2\u00a330,000 in late payments, and that as a result 30 per cent. of small businesses would consider closing down if their situation did not improve; and calls on the Government to take action to ensure banks give small businesses access to affordable finance with no hidden costs in order better to safeguard the nation's 4.7 million small businesses and their employees.","date":"2008-12-09","status":"o"},{"topic":"Financial institutions","id":"37107","proposer":"13735","edm":"115","session":"2008-09","title":"BANKERS' REMUNERATION AND TAXPAYERS' MONEY","text":"That this House regards the salaries and bonuses of the chief executives of the leading high street banks as totally unacceptable when public sector workers have had legitimate claims for wage rises rejected on the grounds that to grant them would increase inflation; notes that at the same time ordinary bank workers are themselves facing the uncertainty of possible job losses; further notes the respective salaries before bonuses last year of four of the leading high street banks were \u00c2\u00a34.19 million for Sir Fred Goodwin, Chief Executive of the Royal Bank of Scotland, \u00c2\u00a32.8 million for Eric Daniels, Chief Executive of Lloyds TSB, \u00c2\u00a32.4 million for John Varley, Chief Executive of Barclays and \u00c2\u00a31.9 million for Andy Hornby, Chief Executive of HBOS; believes that the remuneration of the chief executives of each bank accepting taxpayers' money for recapitalisation should be reduced to the equivalent of the average of all its employees, with no end-of-year bonus; and further believes that the Government should ensure that any bank that accepts taxpayers' support should not make redundant any ordinary workers.","date":"2008-12-04","status":"o"},{"topic":"Financial institutions","id":"36937","proposer":"11973","edm":"2523","session":"2007-08","title":"Halifax Bank Of Scotland And Lloyds Tsb","text":"That this House recognises the widespread concern throughout the United Kingdom at the takeover of Halifax Bank of Scotland (HBOS) by Lloyds TSB; notes the warning by the Office of Fair Trading that small and medium-sized businesses, and people with current accounts and mortgages, could suffer from a reduction in competition arising from a takeover; shares the concerns of the Chancellor of the Exchequer that jobs are at stake at a time when the United Kingdom is predicted to go into recession; further notes that estimates show tens of thousands of jobs could be lost across the United Kingdom as a result of any merger; welcomes the recapitalisation plans announced by HM Treasury in October 2008 and considers that they have fundamentally changed the landscape under which competition rules were waived to enable a merger between Lloyds TSB and HBOS; and further notes the recent announcement on 14th November 2008 that an independent HBOS would only require a marginal additional sum to maintain independence, namely a four per cent. increase over the earlier recapitalisation amount and that weighed against the effects of competition and tens of thousands of jobs, an independent HBOS solution may be in the best interests of shareholders, employees, customers and the economy at large.","date":"2008-11-18","status":"c"},{"topic":"Financial institutions","id":"36904","proposer":"10619","edm":"2497","session":"2007-08","title":"Staffordshire Credit Union","text":"That this House congratulates the efforts of the Staffordshire Credit Union in establishing a credit union in the region; recognises the important role credit unions play in providing affordable credit to their members; applauds the ethical approach of credit unions in supporting some of the most vulnerable members of society; and looks forward to its future success.","date":"2008-11-12","status":"c"},{"topic":"Financial institutions","id":"36865","proposer":"10074","edm":"2461","session":"2007-08","title":"Maintaining Hbos Independence","text":"That this House believes maintaining HBOS as an independent bank to be in the best interests of its personal and business customers, choice, competition, jobs, taxpayers and the economies of Scotland and Yorkshire; and accordingly calls on the Government to use its substantial influence as a stakeholder to ensure that any alternative bid to the proposed takeover by Lloyds TSB is fully evaluated by Ministers with a view to achieving the best long-term outcome rather than an over hasty response to the crisis.","date":"2008-11-10","status":"c"},{"topic":"Financial institutions","id":"36831","proposer":"11607","edm":"2431","session":"2007-08","title":"Omission Of The Halifax Brand In The Lloyds Banking Group Plc","text":"That this House notes that once the proposed acquisition of the Halifax Bank of Scotland (HBOS) by Lloyds TSB Plc has taken place, the combined Group's name would be Lloyds Banking Group Plc; reaffirms the importance of the town of Halifax in the existing Halifax brand, where the bank employs over 4,500 in its current headquarters and is the second largest employer in the town; asks that the Government further continues to urge Lloyds TSB to save as many jobs as possible in Halifax, despite this untimely set back; further notes that Halifax is competitive in providing a low cost base, the right workforce, the right location, the right brand and the right team to the new banking group; requests that this be taken into urgent consideration by Lloyds TSB; and urges Lloyds TSB to reconsider its outrageous offer to pay Andy Hornby \u00c2\u00a360,000 a month in his consultancy role for the bank and instead focus its efforts and resources on ensuring jobs remain in Halifax.","date":"2008-11-06","status":"c"},{"topic":"Financial institutions","id":"36839","proposer":"10383","edm":"2439","session":"2007-08","title":"Interest Rate Cuts","text":"That this House notes the 1.5 per cent. cut in interest rates announced by the Monetary Policy Committee of the Bank of England on 6th November 2008; calls on the banks to pass on these cuts in full in their lending rates to all borrowers; is concerned that previous interest rate cuts have not been passed on to borrowers; and therefore calls on the Government to ensure that these interest rate cuts are passed on, using emergency legislation if necessary.","date":"2008-11-06","status":"c"},{"topic":"Financial institutions","id":"36815","proposer":"13735","edm":"2420","session":"2007-08","title":"Taxpayer-Owned Empty Properties And Homeless Families","text":"That this House notes that in response to a Written Question asking the Chancellor of the Exchequer if he would make it his policy to take possession of houses and flats on which mortgage-holders with Northern Rock and Bradford and Bingley have defaulted and allocate the properties to those on the waiting list for social housing, the Economic Secretary to the Treasury responded saying that these banks `are run at arm's length from the Government, on commercial principles', as announced on 27th October 2008, Official Report, column 789W; further notes that in response to a related Question asking the Chancellor of the Exchequer if he would direct those banks which have received funds from the public purse not to repossess any property in cases where the mortgage holder is unable to keep up payments where the property in question is the mortgage holder's home and solely-owned property, the Economic Secretary referred to the `comprehensive package of measures to ... protect ordinary savers, depositors, businesses and borrowers, and to safeguard the interests of the taxpayer', as announced on 28th October 2008, Official Report, column 888W; believes Ministers are taking insufficient opportunities to ensure that vacated houses and flats now owned by the taxpayer through the \u00c2\u00a3250 billion banking bail-out with public funds, are provided to those currently homeless and on housing waiting lists, which would be a win-win policy; and demands Ministers direct banks in receipt of taxpayers' money to make these properties available to the homeless.","date":"2008-11-05","status":"c"},{"topic":"Financial institutions","id":"36792","proposer":"10177","edm":"2400","session":"2007-08","title":"Barclays Bank Funding","text":"That this House is appalled at the decision of Barclays Bank to decide to seek Middle Eastern money rather than the support of the British Government to help tide it over current difficulties; is concerned that it has put the interests of those who will continue to receive bonuses over savers, lenders and even shareholders; and urges that this deal should not be pursued, and that if those in control of the Bank continue with it, savers, lenders and shareholders should take appropriate action against Barclays.","date":"2008-11-03","status":"c"},{"topic":"Financial institutions","id":"36797","proposer":"11221","edm":"2405","session":"2007-08","title":"Interest Rate Levels","text":"That this House encourages the Monetary Policy Committee of the Bank of England to introduce a cut in interest rates to help with the economic depression; expresses concern that the benefits of previous cuts have not been passed on to consumers; and urges all banks and financial institutions to pass on all future benefits to help ordinary people cope with the current financial situation.","date":"2008-11-03","status":"c"},{"topic":"Financial institutions","id":"36742","proposer":"10190","edm":"2361","session":"2007-08","title":"Road Accident Fraud","text":"That this House deplores road accident fraud; understands that gangs have made huge amounts of money in insurance payments by braking suddenly and forcing other drivers to hit their cars; notes that these fraudsters cut their brake lights so fellow motorists have no warning; further notes that such action has recently been prevalent in Lancashire, Cheshire and Greater Manchester; further notes that the average insurance claim is \u00c2\u00a320,000 per incident; is concerned that in the past decade fraudulent insurance investigators have exposed over 25,000 false or staged accidents; and calls on the Government to act with the police and insurance companies to ensure that innocent drivers, insurance companies and honest policy holders do not become the victims of road accident fraud.","date":"2008-10-28","status":"c"},{"topic":"Financial institutions","id":"36676","proposer":"10339","edm":"2308","session":"2007-08","title":"Royal Bank Of Scotland And Liverpool Fc","text":"That this House notes the Government's 60 per cent. stake in the Royal Bank of Scotland; further notes that the Royal Bank of Scotland provides a credit facility for the American ownership of Liverpool FC; is aware that the American owners have failed to deliver a new stadium for Liverpool FC, thereby delaying indefinitely the regeneration of one of the most needy areas of the country; and therefore calls upon the Government to ensure that the Royal Bank of Scotland does not renew that credit facility at the end of its current term.","date":"2008-10-21","status":"c"},{"topic":"Financial institutions","id":"36663","proposer":"10123","edm":"2295","session":"2007-08","title":"Off-Balance Sheet Accounting By Banks","text":"That this House deplores the widespread practice by UK banks of creating special-purpose financial vehicles, like orphan companies or bogus charitable ones, based in off-shore tax havens in order to undertake high risk speculative investment and evade tax, whilst keeping information about such activities off their published balance sheets; considers it incredible that this activity was neither monitored by UK financial authorities nor illegal, and insists that it must be made so; calls for a full accounting by all UK banks of their activity in this regard over the last five years at least; and further calls for public inquiries by the Charity Commission and the Financial Services Authority in their respective areas of responsibility.","date":"2008-10-20","status":"c"},{"topic":"Financial institutions","id":"36664","proposer":"10123","edm":"2296","session":"2007-08","title":"Pay And Bonuses In Us Banks","text":"That this House notes the report in the Guardian newspaper of 18th October 2008 that pay and bonuses to be paid by Wall Street's top banks are set to exceed $70 billion, a substantial proportion being in bonuses; further notes that this is equivalent to 10 per cent. of the US administration bail-out package; and considers that, by their slackness and propensity to succumb to greed, the US authorities are not pulling their weight in the global rescue efforts.","date":"2008-10-20","status":"c"},{"topic":"Financial institutions","id":"36665","proposer":"11389","edm":"2297","session":"2007-08","title":"Naomi House Lost Funds","text":"That this House notes that Naomi House Hospice has \u00c2\u00a35.7 million invested in the failed Icelandic bank Kaupthing, Singer and Friedlander; applauds the work the charity does in providing a service to children and young adults with life limiting conditions free of charge; believes that it performs a vitally important and specific function; and calls upon the Government to assist with recovering these funds.","date":"2008-10-20","status":"c"},{"topic":"Financial institutions","id":"36654","proposer":"11522","edm":"2286","session":"2007-08","title":"Bank Equity Re-Capitalisation","text":"That this House, noting that the terms of the equity re-capitalisation of the British banking sector are open to re-negotiation, calls upon the Government to adjust the terms to include elements of the innovative bail out organised by the Swiss National Bank which purges the Union Bank of Switzerland of toxic mortgage debt assets through the use of a bad bank entity to hold these damaged assets while relying on debt rather than equity exposure for the Swiss taxpayer.","date":"2008-10-17","status":"c"},{"topic":"Financial institutions","id":"36655","proposer":"11522","edm":"2287","session":"2007-08","title":"Kaupthing, Singer And Friedlander","text":"That this House expresses its concern for the ability of small businesses with funds suspended in Kaupthing, Singer and Friedlander to continue to operate, with the consequence that jobs are at risk; and also expresses concern on behalf of constituents who have raised concerns with hon. Members about the safety of their funds held with Kaupthing, Singer and Friedlander (Isle of Man) Limited.","date":"2008-10-17","status":"c"},{"topic":"Financial institutions","id":"36656","proposer":"11522","edm":"2288","session":"2007-08","title":"Mortgage Foreclosures By Northern Rock","text":"That this House believes that mortgagees at risk of default deserve the same breathing space as troubled financial institutions so as to be allowed to recover their financial stability, and that a reduced rate of foreclosures will reduce the risk of a further downward spiral in the economy from the forced sale of housing assets; and expresses its concern about the rate of shrinkage in the mortgage book of Northern Rock and the robust foreclosure tactics reported by holders of Northern Rock mortgages.","date":"2008-10-17","status":"c"},{"topic":"Financial institutions","id":"36629","proposer":"10436","edm":"2262","session":"2007-08","title":"Mutual Status","text":"That this House recognises the disastrous consequences of the greedy rush to demutualise building societies, which resulted in excessive risk taking, lax lending and a pay bonanza for top executives, as well as increasing reliance on markets for funding and on buying and selling bundled debt obligations which eventually became unsaleable; congratulates those building societies wise enough to retain their mutual status; and suggests that it would now be iniquitous to levy them to contribute in any way to help pay off the debts run up by the irresponsibility of those who led the rush to demutualise; and points out that instead the virtues of mutualisation should be commended as the best means of inducing a sense of responsibility and encouraging customer involvement.","date":"2008-10-16","status":"c"},{"topic":"Financial institutions","id":"36630","proposer":"10436","edm":"2263","session":"2007-08","title":"Behaviour Of Bank Auditors","text":"That this House is concerned to find that the banks which have failed in the US, Britain and the EU all had clean bills of health from auditors who are dependent for their appointment and fees on companies and their directors; notes that in all these cases auditors also acted as consultants to the companies and reported on the transactions they created, resulting in a financial dependency which inhibited auditors from doing effective audits or drawing public attention to the questionable mixture of toxic debts, off balance sheet accounting, and dubious asset values which brought the banks down; points out that in 2007 PriceWaterhouseCoopers charged Northern Rock \u00c2\u00a32.4 million (2006: \u00c2\u00a31.8 million) of which \u00c2\u00a31 million (2006: \u00c2\u00a31 million) was for consultancy, KPMG charged Bradford and Bingley \u00c2\u00a31.4 million (2006: \u00c2\u00a31.7 million) of which \u00c2\u00a30.8 million (2006: \u00c2\u00a30.8 million) was for consultancy, KPMG charged HBOS \u00c2\u00a311.4 million (2006: \u00c2\u00a311.2 million) of which \u00c2\u00a33.4 million (2006: \u00c2\u00a34.4 million) was for consultancy, Deloitte and Touche charged RBS \u00c2\u00a331.4 million (2006: \u00c2\u00a323 million) of which \u00c2\u00a314.2 million (2006: \u00c2\u00a311.1 million) was for consultancy and PriceWaterhouseCoopers charged Lloyds TSB \u00c2\u00a314.6 million (2006: \u00c2\u00a317 million) of which \u00c2\u00a31.5 million (2006: \u00c2\u00a32 million) was for consultancy; and therefore suggests that audits of banks should be directly conducted by the regulators on a real time basis and external auditors of banks must not act as consultants to the banks or the directors.","date":"2008-10-16","status":"c"},{"topic":"Financial institutions","id":"36633","proposer":"10436","edm":"2266","session":"2007-08","title":"Banks And Their Customers","text":"That this House recommends that, in view of the mess the banks have made of their own affairs by irresponsible lending, off balance sheet transactions, financing derivative gambling and other undesirable practices, banks should work to win back the support and goodwill of their customers by bringing back bank managers, opening more branches, providing advice and service at the branch rather than via impersonal and unhelpful call centres, often abroad and usually difficult to get through to and by stopping sending and charging for vicious letters about minor customer errors and generally setting out to serve and support customers rather than treating them like knaves, fools or sinners.","date":"2008-10-16","status":"c"},{"topic":"Financial institutions","id":"36636","proposer":"10785","edm":"2269","session":"2007-08","title":"Hbos Takeover","text":"That this House welcomes the measures taken by the UK and other governments to tackle the current banking crisis; calls on the Government to reverse its decision to make the Lloyds TSB takeover of HBOS a condition of its bail-out funding; considers that the promises of the Lloyds TSB management that only the Scottish headquarters of the merged bank would be retained in Edinburgh a totally inadequate response to Scottish demands and would result in a huge loss of jobs and decision-making powers in Scotland, particularly in Edinburgh and Fife; and calls on the Government to use its stakeholding in HBOS to retain it as an independent bank with its corporate headquarters in Edinburgh and to make this a condition of funding for HBOS.","date":"2008-10-16","status":"c"},{"topic":"Financial institutions","id":"36642","proposer":"10177","edm":"2275","session":"2007-08","title":"Mid-Counties Co-Op","text":"That this House welcomes the success of the Mid-Counties Co-op under Chief Executive Ben Reid in achieving record trading results despite the current economic climate, demonstrating the value of mutuality and the public confidence in co-operative principles by exercising their continuing trust in this form of business.","date":"2008-10-16","status":"c"},{"topic":"Financial institutions","id":"36597","proposer":"10852","edm":"2247","session":"2007-08","title":"Cheltenham And Gloucester Building Society","text":"That this House supports the Government's cash injection for HBOS and Lloyds TSB; calls on the Government in its role as part owner of these banks to do all in its power to protect 1,300 Gloucestershire jobs at the Cheltenham and Gloucester Building Society, a key component of the Lloyds TSB chain; and further calls on the Government and senior management at Lloyds TSB to do all in their power to protect the respected and renowned Cheltenham and Gloucester brand name.","date":"2008-10-15","status":"c"},{"topic":"Financial institutions","id":"36589","proposer":"10436","edm":"2239","session":"2007-08","title":"Interest Rates And Bank Of England","text":"That this House welcomes the half per cent. reduction in interest rates on 8th October; points out that a concerted half per cent. reduction still leaves the UK's interest rate far higher than that in the US, where the reduction will take rates to 1.5 per cent. and higher than Eurozone and Japanese rates; and therefore urges the Bank of England not to drag its feet and keep rates too high for too long, and to reduce interest rates to nearer US levels to increase jobs, growth and investment and to avoid the danger of a long Japanese-style recession.","date":"2008-10-14","status":"c"},{"topic":"Financial institutions","id":"36592","proposer":"10614","edm":"2242","session":"2007-08","title":"Bank Of Credit And Commerce International","text":"That this House recalls at this time of uncertainty in the banking system that the Bank of Credit and Commerce International was closed by the Bank of England on 5th July 1991 despite an open-ended guarantee by the Ruler of Abu Dhabi to preserve all deposits in the Bank; remembers the catastrophic consequences of the closure resulted in employees losing their jobs while depositors were told by the then Prime Minister John Major that the bank was full of fraud and they would get no money back; notes that although as of today depositors have received 84 per cent. of their money back, the liquidation is still ongoing and is costing depositors millions of pounds in liquidator fees; and while welcoming all the steps taken by the Government to secure the banking system this House now considers this the time to bring this expensive liquidation to an end and repay dividends to depositors and creditors.","date":"2008-10-14","status":"c"},{"topic":"Financial institutions","id":"36565","proposer":"13735","edm":"2216","session":"2007-08","title":"BANKERS' REMUNERATION AND TAXPAYERS' MONEY","text":"That this House regards the salaries and bonuses of the chief executives of the leading high street banks as totally unacceptable when public sector workers have had legitimate claims for wage rises rejected on the grounds that to grant them would increase inflation; notes that at the same time ordinary bank workers are themselves facing the uncertainty of possible job losses; further notes the respective salaries before bonuses last year of four of the leading high street banks were \u00c2\u00a34.19 million for Sir Fred Goodwin, Chief Executive of Royal Bank of Scotland, \u00c2\u00a32.8 million for Eric Daniels, Chief Executive of Lloyds TSB, \u00c2\u00a32.4 million for John Varley, Chief Executive of Barclays and \u00c2\u00a31.9 million for Andy Hornby, Chief Executive of HBOS; believes that the remuneration of the chief executives of each bank accepting taxpayers' money for recapitalisation should be reduced to the equivalent of the average of all its employees with no end-of-year bonus; and further believes that the Government should ensure that any bank that accepts taxpayers' support should not make redundant any ordinary workers.","date":"2008-10-09","status":"c"},{"topic":"Financial institutions","id":"36532","proposer":"11607","edm":"2181","session":"2007-08","title":"Risk To Hbos Jobs In Halifax","text":"That this House notes that the current financial crisis has led to the demise of longstanding banking institutions; further notes the plight of Halifax Bank of Scotland (HBOS); applauds the Government for facilitating the merger of HBOS and Lloyds TSB to prevent a further bank from failing; further notes with worry and anxiety the risk to over 4,500 jobs at HBOS's headquarters in the town of Halifax, where it is the second largest employer, Calderdale and the wider region; is concerned about the knock-on economic effect on the town's economy; asks that no preference is given to any particular location when saving jobs but that the centrality of the town of Halifax to the Halifax brand should be recognised; and urges Lloyds TSB and the Treasury to do what it can to ensure that there are no compulsory redundancies in Halifax.","date":"2008-10-07","status":"c"},{"topic":"Financial institutions","id":"36510","proposer":"10203","edm":"2160","session":"2007-08","title":"BANKERS' CONDUCT","text":"That this House believes that the financial crisis is the result of reckless overtrading by banks and their establishment of special purpose companies to evade regulations; notes that, unlike in the United States, no bankers in the United Kingdom have been investigated for possible criminal actions in the selling of sub-prime mortgages and other toxic financial products; and calls on the Crown Prosecution Service and the Financial Services Authority to co-operate in investigating possible complicity of senior employees of Northern Rock and Bradford & Bingley banks in trading that was irresponsible and possibly illegal.","date":"2008-10-06","status":"c"},{"topic":"Financial institutions","id":"36435","proposer":"10103","edm":"2088","session":"2007-08","title":"Parliamentary Ombudsman Report Into Equitable Life","text":"That this House thanks the Parliamentary Ombudsman and her staff for the report into Equitable Life; and calls upon the Government to accept the findings, apologise and implement the recommendations for compensation.","date":"2008-07-17","status":"c"},{"topic":"Financial institutions","id":"36057","proposer":"11672","edm":"1757","session":"2007-08","title":"Landbanking And The Wind-Up Of UK Land Investments","text":"That this House commends the action taken by the Financial Standards Authority to petition the High Court for a wind-up order against UK Land Investments, the country's largest landbanking firm, for operating an illegal collective investment scheme; hopes that this will lead to action being taken against other organisations engaged in landbanking, described as the practice of subdividing undeveloped land and selling individual plots to secondary investors at an inflated cost on the basis that they will profit from future development on the land; hopes that this decision will be the beginning of the end of this practice which has caused so many investors to lose money and blighted communities where these plots are located; and now calls on the Government to take action to outlaw this activity to protect both investors and communities.","date":"2008-06-11","status":"c"},{"topic":"Financial institutions","id":"35915","proposer":"10177","edm":"1633","session":"2007-08","title":"Co-Op Bank Boycott","text":"That this House congratulates the Co-operative Bank on its decision to forgo \u00c2\u00a310 million of loan applications from three businesses controlled by sovereign wealth funds whose sponsoring regimes it deemed unethical; and hopes that such a move will stimulate other financial institutions to consider their attitude towards such funds, to strike a real blow for human rights, transparency and freedom of operation.","date":"2008-05-22","status":"c"},{"topic":"Financial institutions","id":"35858","proposer":"10384","edm":"1581","session":"2007-08","title":"Charities And Unclaimed Assets In Dormant Accounts","text":"That this House congratulates over 50 charities for coming together to form the Unclaimed Assets Charity Coalition; notes that legacies are increasingly important to charities and constitute almost 50 per cent. of some charities' voluntary income; further notes that evidence received by the Treasury Committee indicates that there are hundreds of millions of pounds in unclaimed assets; further notes that some legacies are incomplete because of unclaimed assets left in dormant accounts which charities find difficult to identify and access; acknowledges that a register of dormant accounts would resolve this problem in a more efficient and secure way than the online tracing scheme recently created by the banks, buildings societies and National Savings and Investment (NS&I); welcomes the fact that the well-respected law firm, Withers LLP, has provided legal advice, since shared with Ministers, on the feasibility of a register; further notes that registers work in the United States and other countries without fraud, using only publicly available information; and urges the Government to ensure people's dying wishes to leave money to charity are respected completely by the inclusion in the Dormant Bank and Building Society Accounts Bill of a reserve power for the creation of a register of dormant accounts, to be used should banks', building societies' and the NS&I's efforts to reunite charities with the entirety of legacies bequeathed to them, and thus money that is rightfully theirs, continue to prove inadequate.","date":"2008-05-15","status":"c"},{"topic":"Financial institutions","id":"35724","proposer":"10275","edm":"1280A1","session":"2007-08","title":"Access To Affordable Credit","text":"leave out from `credit;' to end and add `notes that credit unions and legally regulated lenders are preferable to the vulnerable being forced into the hands of illegal loan sharks; further notes that The Money Shop has a strong track record in compliance and is regulated by the Office of Fair Trading, and that no stores have products with a 1,000 per cent. interest rate; further notes that it is disingenous to compare pay day advances with annual percentage rates (APRs) as they are not designed to be annual loans and are repaid over 30 days; further notes that their pay day advances are cheaper than an unauthorised bank overdraft; understands that they provide financial access for customers who are often excluded by traditional banks and in many communities where banks have withdrawn their services altogether; further notes that the credit they offer is balanced against ability to pay; welcomes the clear explanations of repayment costs which are provided in-store; and further welcomes the work they do with Government agencies in the fight against ID fraud and other crime.'.","date":"2008-04-29","status":"c"},{"topic":"Financial institutions","id":"35522","proposer":"10231","edm":"1287","session":"2007-08","title":"Mr Adam Applegarth Former Chief Executive Of Northern Rock","text":"That this House views with disgust and incredulity the potential pay out of \u00c2\u00a3760,000 to Mr Adam Applegarth, the former Chief Executive of Northern Rock, who presided over the lending policy which bankrupted the bank; and believes that there is no justification for such a payment and that Mr Applegarth should be given the same redundancy package as is likely to be offered to the staff of the bank who are going to lose their jobs because of his incompetence and recklessness.","date":"2008-03-31","status":"c"},{"topic":"Financial institutions","id":"35222","proposer":"10683","edm":"1025","session":"2007-08","title":"Friendly Societies","text":"That this House congratulates friendly societies on their long-standing dedication to working within local communities and trades, to help people with limited financial resources to take personal responsibility for their financial well-being; recognises that access to long-term savings for many lower income households relies on a strong friendly society sector; and calls on the Government to act now to help friendly societies to extend their support to the less affluent by increasing the limit on payments into the Tax Exempt Savings Plan to at least double the current \u00c2\u00a325 per month maximum.","date":"2008-02-25","status":"c"},{"topic":"Financial institutions","id":"34780","proposer":"11923","edm":"627","session":"2007-08","title":"Northern Rock Foundation Funding Reductions","text":"That this House expresses concern for the cultural and creative industries in Cumbria after the Northern Rock Foundation announced a cut from \u00c2\u00a322 million to \u00c2\u00a37 million for 2008 in their allocation of funding for arts and heritage projects; notes that this could jeopardise excellent creative outlets such as the Brewery Arts Centre in Kendal; and urges the Government to source extra funding for these projects.","date":"2008-01-07","status":"c"},{"topic":"Financial institutions","id":"34466","proposer":"10324","edm":"346","session":"2007-08","title":"Dormant Accounts","text":"That this House welcomes the Government's commitment to legislate on the issue of dormant bank accounts and its intention to use the funds from dormant bank accounts for the public good; further welcomes the Government's resolve to ensure that all owners of dormant accounts are legally entitled to redeem their money at any time; notes that all other nations where dormant account legislation has been successfully implemented have used mandatory and regulated frameworks; observes that the Eleventh Report of the Treasury Committee states that, should the Government opt for a voluntary framework it is recommended that the forthcoming legislation be prepared so as to include `reserve powers for Ministers to establish a compulsory scheme at a later date without recourse to further primary legislation, should a voluntary scheme prove unsuccessful'; and, noting frameworks from the US and Canada, urges the Government to consider a wide variety of options regarding the time period for dormancy status including a sliding-scale based upon the nature of the account in question.","date":"2007-11-21","status":"c"}]