Speeches by Grady.

“Picking up on what Mr Glen discussed with you about the use of Fair4All Finance money, in my constituency, and in Glasgow more generally, we have a number of excellent credit unions. They necessarily carry a cost running branches in poorer areas of Glasgow in their outreach with things such as food pantries. Financial …”

“Mr Bland, perhaps you would like to send the Committee a shopping list and a reference to that particular power. Ms Harrison, how about you? Again, sorry to hurry you along as well.”

“Ms Harrison, do you have anything to add on the Financial Inclusion Strategy?”

“There are lots of questions to ask of the Scottish Government, but I will give that campaign a miss.”

“I have a family member who works for a large building society.”

“As am I.”

“Ms Harrison, I want to follow up on your point about company sales. Is one of your key points that: whereas the law relating to companies was thoroughly modernised in the mid-2000s and then modernised after that, the law for building societies, credit unions, and industrial and provident societies has been left behind,…”

“That is a geographic thing; I understand that. Is that the main issue?”

“Can I ask this question as a recovering lawyer? The Companies Act runs to many thousands of pages. As you say, a lot of this legislation is 40 years old or more. Quite simply, there is the hard work in going through each provision and saying, “Do we need to update it?” It is just hard work. In your opinion, does the ci…”

“Mr Bland, we have dipped in and out of the common bond throughout the discussion this afternoon. Could you summarise in very short form the top three changes you would like to see to the common bond and what you think the two key benefits are? I am mindful we will have the Division bell soon.”

“It does not inherently, but do you think it leads people to follow in behind the guidance and not look for new ways of doing things?”

“I have a concern that, when regulators publish guidance, firms follow it and do not opt for the innovative route. Ms Ngwenya, am I right to have that concern?”

“Mr Jenkins, as someone who has had an illustrious career as a banker, would you share my concern that firms follow guidance, requirements and PRA expectations at the risk of innovation that may drive efficiencies and consumer benefit?”

“Turning to supervisory statements and statements of policy, on the website you say that these set out PRA expectations and policy on a particular matter. An expectation to me is an expectation that is to be followed. In your consultation CP11/25 on supervising building societies, et cetera, you say, “The PRA understand…”

“Yes. I have a family member who works for the Nationwide building society.”

“He won’t be here then.”

“Related to US political risk, along with various other Central Bank governors you obviously signed a letter in connection with the criminal proceedings against the governor of the Federal Reserve. Would you like to outline what your concerns are about the criminal prosecution against the governor?”

“While the focus at the minute is obviously on political developments with the US, there remain material concerns about China taking action against Taiwan: a blockade, an invasion or something else. Is the FPC satisfied that it has a firm grip on the risks in connection with such possibilities?”

“I have a question for Ms Oakes and Mr Hall. Looking from the outside in, when it comes to private markets and NBFIs and all the rest of it, do you feel that the Bank has enough information and knowledge to correctly assess the financial stability risks arising from private markets?”

“Yes, of course, so it is not from a financial stability point.”