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Clause 1

Volume 115: debated on Thursday 7 May 1987

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Functions And Duties Of The Bank Of England

Lords amendment: No. 1, in page 2, line 2, after first "or" insert

"who is, or is acting as."

4.4 pm

I beg to move, That this House doth agree with the Lords in the said amendment.

This is a technical amendment to put it beyond doubt that the immunity in clause 1(4) extends to those members of the Bank's staff who are seconded to the Bank rather than being its permanent employees. Although not directly employed by the Bank, they act essentially as employees, and it is important that they are able to act firmly and confidentially in their supervisory duties.

As this is the first of the Lords amendments, I shall say a general word about the coming into force of the Bill's provisions. We intend that the bulk of the Bill's main provisions will come into force on 1 October this year. However, there will be an exception in the case of the large exposures reporting regime, for which a target of 1 January 1988 has been set to give the banks time to prepare their systems for compliance with the requirements. We propose, too, that the provisions on the disclosure of information should be implemented two months after the Bill receives Royal Assent to enable the Bank of England to co-operate more fully with other supervisory authorities as soon as practicable.

Question put and agreed to.