argyrotsipi/train-dataset huggingface dataset:
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Mixed Topics
Steven John Baker (Conservative, Centre-right): I share the hon. Gentleman’s sense of irony, but is it not the case that communist China has such assets only in so far as it has adopted the market economy principles of private property rights and the freedom to make contracts?
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Steven John Baker (Conservative, Centre-right): Some lessons of history are so well established as to virtually be axioms: the Government ought not to own banks and private enterprises ought not to be bailed out by the taxpayer. Unfortunately, the Government do own banks and those banks were bailed out by the taxpayer. I think that the taxpayer bail-outs, which involved the privatisation of profit combined with the socialisation of risk, together with all the conduct issues that we all know so well, have done a great deal to undermine faith in the market economy, which we know is the only way to sustain billions of people on the face of the earth Some of the issues that have come up today go to the heart of how we should structure a market economy. In my view, in a market economy there should be a plurality of ownership models for banks. One of the great mistakes of the 1980s was the demutualisation of building societies. [Interruption.] I see my hon. Friend the Member for Horsham (Jeremy Quin) nodding furiously in agreement, for which I am grateful. As a teenager, I knew instinctively that the mutual model aligned interests in a way that the shareholder model did not. I was opposed to the demutualisation, or carpet-bagging as it was called, that went on then. These days, I have more theoretical grounding for my views and I certainly believe that we should have a more diverse banking sector, with more mutuals and co-operatives I should say briefly that the systemic problems that have affected the entire banking system around the world, irrespective of ownership models, are symptomatic of far deeper problems in the institutional arrangement of money and banking, which I have talked about at great length on other occasions.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Steven John Baker (Conservative, Centre-right): The hon. Gentleman knows that I often agree with him, but on this point I do not. I am an old English liberal free trader and I think that the fundamental problem is the chronically inflationary system of fiat money. I hope that he will forgive me if I talk instead about the Royal Bank of Scotland, because I have put the other issues on the record since my maiden speech I have two long-standing misgivings that come to a head in RBS. The first is about the effect that the international financial reporting standards have on our ability to see the true and fair position of banks. The other is about the stress tests. I am grateful to Professor Kevin Dowd, Gordon Kerr and John Butler of Cobden Partners for their advice, but any errors or omissions are my own. I should say that I have no financial interest whatever in Cobden Partners, although it was a spin-out from the Cobden Centre, which I co-founded to advance the ideas on which they are now working I have said many times that the IFRS allow, enable and encourage banks to overstate their asset values, and therefore their profits, and to understate their losses. In May, we conducted an exercise in which we compared the accounts of RBS with the statement of its accounts in the asset protection scheme. We believed that its capital was overstated by £20 billion. We had a meeting with RBS at which that was admitted If it is the case that the IFRS encourage banks to overstate their capital positions to such an extreme degree, I am not in the least convinced that we are selling something that we truly understand. Indeed, as the hon. Member for Edmonton (Kate Osamor) was opening the debate, on which I congratulate her, Gordon Kerr texted me to say that if we broke up the bank into 130 pieces, it would reveal its insolvency. I am not asserting the insolvency of RBS; what I am saying is that with the IFRS the way they are, we simply cannot know whether RBS is in the position it appears to be in In such circumstances, the paying of dividends, which has been proposed, would be extremely unwise. It would risk exposing taxpayers to future claims from stakeholders ranking superior to those common stakeholders. The claim will be that their entitlements have been improperly paid out as dividends, when those funds should lawfully have been held back and attributed to creditors and depositors. Tim Bush of Pensions & Investment Research Consultants, Gordon Kerr and others argue that we should have strong reservations about the integrity of the numbers and the ability of the firm to distribute profits under the law.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Steven John Baker (Conservative, Centre-right): I banged on in the last Parliament about the IFRS and their shortcomings. Indeed, I introduced a Bill to require parallel accounts to use the UK generally accepted accounting principles, precisely because I think there is a serious problem. I refer the House to Gordon Kerr’s book "The Law of Opposites", published by the Adam Smith Institute, which not only covers this problem in detail, but explains how it feeds into the problem of derivatives being used specifically to manufacture capital out of thin air to circumvent regulatory capital rules. That is an extremely serious problem that might mean that the entire banking system is in a far worse place than we might otherwise think.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): I am genuinely curious about what my hon. Friend is saying. A lot of work was done on the balance sheet of RBS at the time of the asset protection scheme. Does he not think that any accounting issues would have been picked up at that stage?
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): I am grateful to be called an hon. Friend by the hon. Gentleman. I accept his point about the types of lending taking place. Does he share my concern that in making many banking decisions, bankers enjoy having an asset that they can grab hold of—a house, perhaps, or something that they can see, touch and feel? We are considering cash-flow projections. Perhaps this issue comes down to the heart of training inside banks, because to be comfortable with some of the new technologies and innovations, they must be able to understand those cash-flow projections exactly.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Guto ap Owain Bebb (Conservative, Centre-right): The hon. Gentleman mentioned the investment bank in Scottish Enterprise. Wales has a similar institution, Finance Wales, which is operated by the Welsh Government. It charges penal rates of interest. Will the hon. Gentleman mention the rates of interest charged by the similar organisation in Scotland?
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): I am pleased that the hon. Gentleman referred to the Overend and Gurney banking crisis of the 1870s and—this follows on from the remarks by my hon. Friend the Member for Wycombe (Mr Baker)—I believe it was only because of that crisis that banks had to report their accounts at all. Before that, such disclosure was regarded as rather a bad thing for a bank to do, because people might not trust it if it had to state exactly what its assets were On the investment banking arm of the Royal Bank of Scotland, does the hon. Gentleman think it appropriate for a commercial bank to provide investment banking capabilities to its corporate clients? There are many legitimate things about investment banking, such as foreign exchange providing support for exports, and derivatives are not always a bad thing—there are things they can do to help the export industry. There may be a synergy there, and I would be interested to hear the hon. Gentleman’s remarks.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Guto ap Owain Bebb (Conservative, Centre-right): It is a pleasure to follow the hon. Member for Ross, Skye and Lochaber (Ian Blackford). I associate myself with his final comments about RBS This is an important debate and I congratulate the hon. Member for Edmonton (Kate Osamor) on securing it. I put my name to the motion simply because I feel that this issue is worthy of debate in the Chamber. I am not ideologically opposed to seeing banks in private ownership—I am probably guilty of being ideologically of the view that banks should be in private hands—but it is important that we consider this issue in depth and in the round. It is important that we look at the track record of RBS and what we want from it, to ensure that we make the right decision In the context of the debate, my hon. Friend the Member for Horsham (Jeremy Quin) was quite brave to argue the case for RBS going straight into private hands at this point in time. Unfortunately, I do not share his confidence in the regulator, having spent three or four hours with the Financial Conduct Authority again this week. RBS still has a huge credibility gap with the general public and, more importantly, with the small business community. That gap needs to be addressed before we can entrust RBS to act in a manner similar to the way it acted in the past. I would be delighted to stand here today and say that the culture in RBS had changed completely. I am utterly convinced that within RBS there are individuals who are making huge strides to change its culture, but am I convinced that all the bad eggs have been removed? Am I convinced that all possibility of actions that are detrimental to small businesses within RBS has been removed? Unfortunately, the answer is no.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Guto ap Owain Bebb (Conservative, Centre-right): I would certainly say there is a need to look in detail at the way RBS is performing. There are questions still to be asked about the corporate culture within RBS and questions raised by the Banking Commission need to be looked at It is important to state that this is not a left-right political argument. There are think-tanks on the right that think we should look again at the UK banking model. There was strong agreement when my hon. Friend the Member for Wycombe (Mr Baker) stated that the loss of the mutual in the 90s was a mistake for the financial structure of the UK. This is not a left-right argument; it is about trying to get things right and ensuring that, as a result of intervention in the market that we did not want to make, we deliver a better banking system. It is important to state that the reason for intervention in the market was much wider than making a profit for the taxpayer: it was to ensure the UK economy was protected at a very difficult time.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Guto ap Owain Bebb (Conservative, Centre-right): I am absolutely aware of the problems with Ulster Bank—not only computer glitches but undoubtedly questionable past behaviour—and I associate myself with the hon. Gentleman’s comments When hon. Members talk about the need to sell RBS shares at a profit, it is important to bear in mind the context. The intervention was not just to make a profit; it was an intervention to ensure that we protected the UK economy. It gave people confidence in the financial system We need to address some of the concerns specific to RBS from a small business perspective. I speak as the former chair of the all-party group on the mis-selling of interest rate derivatives, which now has the much snappier name of the all-party group on small business banking. I would be delighted if I never had to speak about RBS again in my entire life. I would delighted if I did not have to talk about the mis-selling of financial products for small businesses ever again. Yet again, as I mentioned earlier, I was with the FCA for three hours. I spent four hours in a redress meeting between a small business and RBS, and I have had various meetings with RBS staff in relation to some of the articles that have appeared in the press during the week. There are still issues that need to be resolved. The Treasury needs to have confidence that when it talks about moving RBS back into the private sector, it does so with a full grasp of the problems that RBS still faces One concern is that the excellent Treasury Committee report into small business banking and finance for small businesses has not, as yet, received a response from the Treasury. I asked a question about this, but as yet no response has been forthcoming. The report makes very critical comments about RBS, among others, and the potential liabilities still faced by RBS, among others. I am therefore at a loss as to why the decision has been taken to return RBS to private hands when the Treasury has not even responded to the concerns raised by the Treasury Committee. I would like to see that issue at rest.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Domestic Commerce
Jeremy Mark Quin (Conservative, Centre-right): Does the hon. Gentleman accept, though, that there have been dramatic changes in the regulatory environment? Happily, we will not be returning to 2003, because of the ring-fencing that has been introduced and the extra capital: RBS now has a capital base of 16%. Have there not been improvements in that respect?
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Other
Eleanor Fulton Laing (Conservative, Centre-right): Order. We have had plenty of time for this debate so I did not even suggest a time limit, thinking most Members would take approximately 10 minutes, but some, by taking a lot of interventions and having a lively debate, have taken considerably longer. I do not want to have to put on a time limit at this point on a Thursday afternoon, but it would be greatly appreciated if Members would take seven to eight minutes or less, because then everybody who wishes to speak in this and the next debate will have an opportunity to do so.
Royal Bank of Scotland — House of Commons, 2015-11-05
Topic: Other
Eleanor Fulton Laing (Conservative, Centre-right): Order. Asking Members to speak briefly clearly does not work. I often say that it is a test of oratory: the shorter a speech, the more effective it can be. Let us try again with Mr Douglas Carswell.
Dog Meat Trade — House of Commons, 2015-11-05
Topic: Mixed Topics
Simon James Hoare (Conservative, Centre-right): I have huge sympathy with what the hon. Lady is saying. Does she agree that, contrary to what was said earlier, we are more likely to be successful if instead of trying to tell people what they can or cannot eat, we promote these campaigns on the arguments of human health and animal welfare as those are the best ways to get communities and societies to change? As desirable as the aim might be, I am tempted to think that if we go down the cultural imperialist route there will be a fierce backlash.
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Other
Wendy Morton (Conservative, Centre-right): I beg to move, That the Bill be now read a Second time Let me begin by thanking all the Members who are present for giving up a Friday in their constituencies to take part in what I believe will be a very important debate, and all the Members on both sides of the House who have sponsored my Bill. It was a tremendous honour, and also a surprise, for me, a new Member of Parliament, to be drawn in the ballot for private Members’ Bills the day after making my maiden speech. I am not normally drawn in a raffle, so this was something of a coup As many colleagues had warned me would happen, a raft of suggestions for Bills came flooding my way, on to the internet, into my inbox, and as text messages. All of a sudden I was the No. 1 favourite MP, and enjoyed a few minutes of fame. After some consideration, however, one Bill caught my eye, the one that I should like to be referred to as "the Peter Pan Bill".
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Mixed Topics
Kevin John Foster (Conservative, Centre-right): My hon. Friend is making a great speech in support of her Bill. Does she agree that that very independence gives beneficiaries the confidence that their money is spent as intended and that the wealth of charity law is there to ensure that funds are put to the right purpose?
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Mixed Topics
Kevin John Foster (Conservative, Centre-right): My hon. Friend is being incredibly generous with her time in allowing interventions. Will she clarify something? Does Great Ormond Street receive royalties from only the original book featuring Peter Pan and Wendy, or does it receive them from subsequent publications and performances?
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Other
Simon James Hoare (Conservative, Centre-right): Due to your indulgence, Mr Speaker, Members can now Google while listening to a debate. In answer to my hon. Friend the Member for Bury North (Mr Nuttall), the Barries were childless, but in 1929 J. M. Barrie was approached to sit on a committee to help buy some land so that the hospital could be built. Those are his links to the hospital.
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Other
John Simon Bercow (Conservative, Centre-right): Order. Let me very gently say to the hon. Lady that I understand the natural temptation to look in the direction of a sizeable coterie of colleagues, but she is addressing her speech to the House as a whole and through the Chair.
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Other
John Simon Bercow (Conservative, Centre-right): The hon. Lady has the floor, but I am sure that she will want to have some regard to the fact that several other hon. Members wish to speak. I am cautiously optimistic that she is approaching her peroration.
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Mixed Topics
Mary Josephine Robinson (Conservative, Centre-right): It is absolutely right that the governance arrangements for charities, and any other body responsible for donated moneys, be adequate and robust, and I know that that will be the case here Finally, I congratulate my hon. Friend on introducing the Bill, which I wish a swift and easy passage. I am confident that with so much support it will be driven into law and will not drift into Neverland.
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Mixed Topics
Simon James Hoare (Conservative, Centre-right): Much has been said about the importance of a work of literature with the status of the novel "Peter Pan". We are, of course, entering the panto season. My hon. Friend the Member for Newton Abbot (Anne Marie Morris) told us earlier about the number of performances of "Peter Pan" that would be taking place around the country, and I note that you, Madam Deputy Speaker, are wearing the ruby slippers of Dorothy from "The Wizard of Oz". The Epping Forest Empire Theatre will doubtless present a sterling performance at some point during the Christmas season I support the Bill, and congratulate my hon. Friend the Member for Aldridge-Brownhills (Wendy Morton) on introducing it. Underpinning its proposals is, of course, the Government’s commitment to localism and devolution. Many of us who have read the Bill will probably have been rather surprised that the opportunity to appoint trustees is a reserved power of the Secretary of State for Health, because one would automatically assume that trustees who are involved in their local hospitals would be drawn from the local community, and appointed by people with local knowledge and expertise. In that respect, the Bill is a very important measure The safeguard that I sought to draw out from my hon. Friend in an earlier intervention is crucial. In no way does this newfound independence of appointment allow trusts to move away from their core and original purpose. They cannot all look at the Racing Post and decide that Lucky Lad in the 3.10 on Saturday is the favourite, and the fact that the horse has only three legs and the jockey has a withered arm is neither here nor there—they are going to put all the trust funds on Lucky Lad. That cannot happen, which I think is a very important safeguard.
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Domestic Commerce
Jacob William Rees-Mogg (Conservative, Centre-right): My hon. Friend is giving an excellent explanation of what the Bill would do. Ordinary charities are not, of course, allowed to put money on Lucky Lad in the 3.10 at Uttoxeter, or wherever it may be. I hope that that is not a widespread problem, but if it is, my hon. Friend should bring it to the attention of the Charity Commission.
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Mixed Topics
Simon James Hoare (Conservative, Centre-right): I am grateful to my hon. Friend for clarifying the role of trustees. As a trustee of a charity myself, I shall ensure that my copies of the Racing Post— well thumbed as they are—are not brought into any more trustee meetings. It is also important to point out that the Charity Commission will continue to have oversight. I think that that addresses the rather waspish comment made by the hon. Member for Newport West (Paul Flynn) in an intervention on the speech of my hon. Friend the Member for Cheadle (Mary Robinson).
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Mixed Topics
Simon James Hoare (Conservative, Centre-right): The hon. Gentleman has invited me to stray from the immediate purport of the Bill. Let me avail myself briefly of that invitation, and agree with him wholeheartedly. The people who wander up and down our streets waylaying busy shoppers, business men and women and commuters trying to elicit bank details and donations, and those who worry and harass people in their homes with telephone calls seeking charitable donations, are a curse and a menace. I believe that the authorities and Her Majesty’s Government are alert to that, and I rather hope that during the course of this Parliament we shall see some redress in respect of an issue that blights the lives of many of our constituents. My hon. Friend the Member for Aldridge-Brownhills may wish to clarify the position, but I am not aware that Great Ormond Street raises funds in that way, although I do not think that the issue is crucial to the Bill.
NHS (Charitable Trusts Etc.) Bill — House of Commons, 2015-11-06
Topic: Other
Eleanor Fulton Laing (Conservative, Centre-right): Order. I have allowed a little laxity this morning so that Members could explore issues relating to charities, such as those raised by the hon. Member for Newport West (Paul Flynn). However, the hon. Lady is right to point out that the Bill is narrow. I am certain that the hon. Gentleman. in his usual erudite manner, will now confine his remarks to the Bill, as he has done perfectly so far.