Judith Cummins MP: speeches

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Speeches

24 Apr 2025 · Bank Resolution (Recapitalisation) Bill [Lords] · Hansard source
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With this it will be convenient to discuss the following: Amendment 1, in clause 1, page 1, line 20, at end insert— “(2A) The Bank of England must not require the scheme manager to make a recapitalisation payment if it has directed the financial institution to maintain an end-state Minimum Requirement for Own Funds and Eligible Liabilities (MREL) exceeding minimum capital requirements.” This amendment seeks to prohibit the use of FSCS funds to recapitalise large financial institutions, defined as those which have reached end-state MREL. Amendment 3, page 1, line 22, at end insert— “(3A) No application to the scheme manager for recapitalisation payments may be considered by the Bank of England for a financial institution which has been directed to maintain an end-state Minimum Requirement for Own Funds and Eligible Liabilities (MREL) exceeding minimum capital requirements, unless permission has been given, through regulations, by the Chancellor of the Exchequer. (3B) Regulations made by the Chancellor of the Exchequer, subject to subsection (4), shall be made through Statutory Instrument under the negative procedure.” This amendment would ensure financial institutions that maintain an end-state Minimum Requirement for Own Funds and Eligible Liabilities exceeding minimum capital requirements are excluded from the provisions of the Bill, unless permission has been given through regulations. Amendment 4, page 2, line 3, at end insert— “(5A) As a further objective to the special resolution objectives in section 4 of the Banking Act 2009, when discharging its functions in respect of the exercise of recapitalisation payments under this section, the Bank of England must observe the competitiveness and growth objective. (5B) The competitiveness and growth objective is facilitating, subject to aligning with relevant international standards— (a) the international competitiveness of the economy of the United Kingdom, and (b) its growth in the medium to long term.” This amendment would place a further objective on the Bank of England to consider the competitiveness and growth of the market before directing the recapitalisation of failing small banks through a levy on the banking sector. Amendment 2, in clause 5, page 4, line 14, at end insert— “(2B) The code must include guidance to the Bank of England on the exercise of its functions in relation to building societies to ensure that, in circumstances where the use of a recapitalisation power may result in demutualisation, due consideration is given to the impact of such demutualisation on members and on the mutuals sector. (2C) In preparing the guidance required under subsection (2B), the Treasury shall consider the feasibility of selecting a purchaser from the mutuals sector as a means of avoiding demutualisation, provided such a purchaser meets the resolution objectives.” This amendment seeks to ensure that, where possible, the selection of a purchaser from the mutuals sector is considered to avoid demutualisation, provided this aligns with the Bank's resolution objectives.
24 Apr 2025 · Bank Resolution (Recapitalisation) Bill [Lords] · Hansard source
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Order. May I just remind the hon. Gentleman that we are discussing what is in scope, rather than what is not in scope and has not been selected?
24 Apr 2025 · Business of the House · Hansard source
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Order. I want to get as many people in as possible, so please keep questions short.
24 Apr 2025 · Business of the House · Hansard source
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For the final question, I call Chris Vince.
24 Apr 2025 · Business of the House · Hansard source
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Order. We have around 15 to 20 minutes left for these questions, so please help each other out.
24 Apr 2025 · Business of the House · Hansard source
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Members will see that there is a lot of interest in business questions today—about 80 wish to speak. I therefore ask any Members who have a long question to rewrite it. It should be no longer than two or three sentences.
24 Apr 2025 · Business of the House · Hansard source
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We need very short questions.
24 Apr 2025 · Business of the House · Hansard source
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I call the Chair of the Backbench Business Committee.
24 Apr 2025 · London Sudan Conference · Hansard source
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I call the Liberal Democrat spokesperson.
24 Apr 2025 · London Sudan Conference · Hansard source
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I call the shadow Foreign Secretary.
23 Apr 2025 · Hospitals · Hansard source
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Order. I must now announce an immediate five-minute time limit for Back-Bench speakers, with the exception of the Chair of the Select Committee.
23 Apr 2025 · Hospitals · Hansard source
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Order. There is an immediate three-minute time limit.
23 Apr 2025 · Hospitals · Hansard source
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With an immediate four-minute time limit, I call Emily Darlington.
23 Apr 2025 · Hospitals · Hansard source
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I call the Chair of the Health and Social Care Committee.
23 Apr 2025 · Hospitals · Hansard source
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I call the shadow Minister.
22 Apr 2025 · British Steel · Hansard source
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I call the Liberal Democrat spokesperson.
22 Apr 2025 · British Steel · Hansard source
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I call Jim Shannon to ask the final question from the Back Benches.
22 Apr 2025 · British Steel · Hansard source
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I call the shadow Minister.
22 Apr 2025 · British Steel · Hansard source
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I call the Chair of the Business and Trade Committee.
22 Apr 2025 · British Steel · Hansard source
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I call Ann Davies.
22 Apr 2025 · Sentencing Guidelines (Pre-sentence Reports) Bill · Hansard source
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I call the shadow Minister.
22 Apr 2025 · Points of Order · Hansard source
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I am not responsible for ministerial replies to Members’ correspondence, but it is important that Members receive timely replies. I am sure that Members on the Treasury Bench will have noted the right hon. Member’s remarks.
22 Apr 2025 · Points of Order · Hansard source
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I am grateful to the hon. Member for giving notice of his point of order. I understand that he has notified the hon. Member for Thirsk and Malton (Kevin Hollinrake) that he intended to raise this matter in the Chamber. I remind all hon. Members that they must inform colleagues in advance whenever they intend to visit another colleague’s constituency, except for purely private purposes, and that as a matter of courtesy, that notice should not be left until the last minute.
22 Apr 2025 · Points of Order · Hansard source
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I am grateful to the hon. Member for giving notice of his point of order. I understand that he has notified the Home Secretary that he intended to raise this matter in the Chamber. Again, I remind all hon. Members that they must inform colleagues in advance whenever they intend to visit another colleague’s constituency, except for purely private purposes, and that as a matter of courtesy, that notice should not be left until the last minute.
22 Apr 2025 · Points of Order · Hansard source
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I am grateful to the right hon. Member for giving notice of her point of order. I take it that she has notified the Minister that she intended to refer to him on the Floor on the House.

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