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  Banking (Special Provisions) Bill - Independence while under nationalization
  
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  <p>The majority voted against the insertion of a specific paragraph[1] into <b>Banking (Special Provisions) Bill</b>[2] requiring the Treasury to state its strategic objectives and an outline of how it would provide for independent day-to-day management of a bank before it could order its nationalization.</p>
  
  <p>The current plan enables the Treasury to order the transfer of securities, property, rights and liabilities from an "authorised UK deposit-taker" to another corporate body "if (and only if) it appears to the Treasury to be desirable to make the order for</p>
  <blockquote>"(a)
  maintaining the stability of the UK financial system in circumstances where the Treasury consider that there would be a serious threat to its stability if the order were not made;</blockquote>
  <blockquote>"(b) protecting the public interest in circumstances where financial assistance has been provided by the Treasury to the deposit-taker for the purpose of maintaining the stability of the UK financial system."[3]</blockquote>
  
  <p>The proposal, which only had minority support, would have required the Treasury to lay before both Houses of Parliament</p>
  
  <blockquote>"a Minute setting out a scheme for the management of the authorised UK deposit-taker following the exercise of this power, including provisions setting out the strategic objectives for the business as determined by the Treasury and further provisions to ensure the independent day-to-day management of the business of the authorised UK deposit-taker to achieve these objectives."</blockquote>
  
  
  <ul>
  <li>[1] <a href="http://www.theyworkforyou.com/debates/?id=2008-02-19b.236.4">The Second Deputy Chairman</a>, House of Commons, 19 February 2008.</li>
  <li>[2] <a href="http://www.publications.parliament.uk/pa/cm200708/cmbills/073/08073.i-ii.html">Banking (Special Provisions) Bill</a></li>
  <li>[3] <a href="http://www.publications.parliament.uk/pa/cm200708/cmbills/073/08073.1-7.html#j001">Cases where the Treasury's powers are exercisable</a>, Clause 2 , Banking (Special Provisions) Bill</li>
  </ul>
  
  
  
  
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  (put thoughts and notes for other researchers here)
  