The Banking Bill is on its final parliamentary stretch and in theory expects to receive Royal Assent by tomorrow, 12 February 2009. It is now in the process of debate quaintly called “ping-pong”. Both Houses must agree on the text of the Bill and there are still issues to resolve before they can agree on every word. You can see the arguments on e.g., issues relating to the use of public money to fund the banks and on the definition of the insolvency of investment banks set out on Hansard.
The current version of the Bill can be found here.
