Banks: Mutual Ownership

Lord Bishop of Ripon and Leeds Excerpts

Wednesday 2nd March 2011 Lords Chamber

[Lord De Mauley]

My Lords, I am not fully aware of that and I will come back to the noble Lord on the matter.

[The Lord Bishop of Ripon and Leeds]

My Lords, does the Minister agree that one of the major issues in this area is the lack of trust in the large banks? Does he accept that trust is much higher in organisations that retain a mutual element, such as the Nationwide Building Society or the John Lewis Partnership? Will he affirm that there is a need, whatever arrangements are being made, for real attention to be paid to the need for a restoration of trust within the sector, of which mutualisation might well be a very important part?

[Lord De Mauley]

My Lords, I absolutely take the right reverend Prelate’s point. It is very well made.