Clause 1

Part of Financial Mutuals Arrangements Bill – in a Public Bill Committee am 9:30 am ar 25 Ebrill 2007.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of John Butterfill John Butterfill Ceidwadwyr, Bournemouth West 9:30, 25 Ebrill 2007

First, may I say what a great pleasure it is to serve under your wise chairmanship, Mr. Taylor? We are looking forward to an interesting debate. Secondly, I wish to express my personal thanks for the co-operation that we received in the drafting and, indeed, extensive redrafting of the Bill from Treasury officials, who have been most helpful throughout. I thank also those lawyers representing the Building Societies Association, and Mutuo. Without their combined effort, we would not be where we are today.

When I first presented the Bill, I little appreciated how legally complex it was likely to be given the large number of interactive former measures that it will affect. At the moment, we have a slight problem in that one particular group of mutuals—the mutual insurance companies—is effectively excluded from the provisions of the Bill. However, I am hopeful that we may find a way to overcome that problem in the future. Everyone concerned has made a splendid effort and I am very grateful to all of them for their help.