This Council notes the present crisis within the banking sector and its significant impact on many Leeds residents who work in the financial services industry as well as local tax payers.
This Council agrees that thorough root and branch reform of the regulatory processes is required to avoid a similar crisis occurring in the future.
This Council requests the Chief Executive to write to the Chancellor of the Exchequer and Leeds MPs to demand a full review of the Financial Services Authority and all associated financial regulatory legislation.
R FINNIGAN
Minutes:
It was moved by Councillor Finnigan seconded by Councillor D Blackburn
That this Council notes the present crisis within the banking sector and its significant impact on many Leeds residents who work in the financial services industry as well as local tax payers.
This Council agrees that thorough root and branch reform of the regulatory processes is required to avoid a similar crisis occurring in the future.
This Council requests the Chief Executive to write to the Chancellor of the Exchequer and Leeds MPs to demand a full review of the Financial Services Authority and all associated financial regulatory legislation.
An amendment was moved by Councillor Hanley seconded by Councillor Taggart
Delete all after “This Council” and replace with
“notes the present national and international crisis within the banking sector is having a significant impact on many Leeds residents and business's.
This Council agrees that the “credit crunch” was started in the US and has spread throughout the world and believes that a thorough review of international regulation and the regulatory processes is required to avoid a similar crisis occurring in the future.
This Council condemns the greed which has precipitated this crisis and this council commits to do all it can to help Leeds people, whose jobs and incomes are affected, furthermore council requests the Chief Executive to write to the Chancellor of the Exchequer and Leeds MPs to demand that a full national and international review of financial regulatory legislation is undertaken.”
The amendment was lost and upon the motion being put to the vote it was
RESOLVED – That this Council notes the present crisis within the banking sector and its significant impact on many Leeds residents who work in the financial services industry as well as local tax payers.
This Council agrees that thorough root and branch reform of the regulatory processes is required to avoid a similar crisis occurring in the future.
This Council requests the Chief Executive to write to the Chancellor of the Exchequer and Leeds MPs to demand a full review of the Financial Services Authority and all associated financial regulatory legislation.
On the requisition of Councillors Finnigan and D Blackburn the voting on the motion was recorded as follows:
YES
Anderson, Andrew, Armitage, Atha, Bale, Barker, Bentley, Beverley, A Blackburn, D Blackburn, Blake, Brett, Campbell, A Carter, J L Carter, Castle, Chapman, Chastney, Cleasby, Congreve, Coulson, Coupar, Dobson, Downes, Dowson, Driver, Elliott, Ewens, Mrs R Feldman, R D Feldman, Finnigan, Gabriel, Golton, Grahame, Gruen, Hamilton, Harington, Harker, Harrand, Hollingsworth, A Hussain, G Hyde, W Hyde, Illingworth, Iqbal, Jarosz, Kendall, Kirkland, Lamb, Lancaster, J Lewis, R Lewis, Lobley, Lowe, Lyons, Marjoram, Matthews, A McKenna, J McKenna, Monaghan, Morgan, Mulherin, Murray, Nash, Ogilvie, Parker, Parnham, J Procter, R Procter, Pryke, Rafique, Renshaw, Rhodes-Clayton, Selby, Shelbrooke, Smith, Taggart, A Taylor, E Taylor, Townsley, Wadsworth, Wakefield, Wilkinson, Wilson, Yeadon
85
NO
Dunn, Hanley
2
ABSTAIN
0
(During the debate on this matter Councillor Davey declared a personal interest as an employee of the Bradford and Bingley Building Society)
(At the conclusion of the debate under minute 68 the provisions of Council Procedure Rule 3.1(d) were applied)