"What view should be taken of banks with a record of misbehaviour that are now promising their shareholders that they are considering moving their domicile away from Britain because they fear that the regulatory proposals by Vickers will limit their freedom to misbehave in the future?..." Peter Tapsell - View Speech
Given that Sir John Vickers has just warned us that British banks are still seriously under-capitalised, does my right hon. Friend now accept that ring fencing, whether electrified or not, cannot be relied on to provide adequate protection for depositors and businesses in the event of another banking …..." Peter Tapsell - View Speech
"How can anyone read the evidence that Mr Paul Volcker gave to my hon. Friend’s commission and come away with any other conclusion than that ring-fencing, whether electrified or not, simply will not work when we get the next major banking crisis?..." Peter Tapsell - View Speech
"May I say to my right hon. Friend that after a lifetime as a stockbroker and fund manager, my instinct, as bond yields rise all over the world, is that we are heading for another banking crisis that will certainly choke off the already inadequate lending of banks to small …..." Peter Tapsell - View Speech
"Did the Chief Secretary to the Treasury note that, while Finance Ministers seemed remarkably cheerful in Aylesbury last weekend, the Archbishop of Toledo was warning that their fiscal policies were threatening to cause social breakdown and the overthrow of democracy in Spain and much of southern Europe?..." Peter Tapsell - View Speech
"I asked Harold Macmillan what the secret was of making a good speech in the House of Commons and he said, “I once asked David Lloyd George that very question and the answer I got was, ‘Don’t say anything interesting or important in the first five minutes of your speech—just …..." Peter Tapsell - View Speech
"Yes, they were. The American banks turned mortgages for people who could not afford to pay the interest into derivatives disguised as bonds and then sold packets of them—500 or so—all over the world. They could not have done that under Glass-Steagall. That really makes the point, so perhaps I …..." Peter Tapsell - View Speech
"In the 1997 debate, I strongly opposed the establishment of the FSA, with its tripartite regulatory structure. I predicted it would be an absolute disaster, and it has been...." Peter Tapsell - View Speech