2. Janet Finch-Saunders: What action is the Welsh Government taking to prevent the misselling of interest rate hedging products to small business?

Carwyn Jones: The regulation of banking products is not a devolved matter, but we do recognise the difficulty that interest rate swap agreements are causing to Welsh businesses. The Minister for Economy, Science and Transport is meeting with the organisation Bully-Banks tomorrow to discuss this issue.

Janet Finch-Saunders: Thank you, First Minister. According to the campaign group, Bully-Banks, the misselling of interest rate swap agreements has cost around 400,000 jobs to our small and medium-sized enterprises and an enormous £1.7 billion in lost revenue to the Treasury. The businesses affected have been bound into paying interest rates that are 8% or 9% above the London interbank offered rate, and an exit fee of some 20% to 40% of the initial loan value. My MP and colleague, Guto Bebb, has worked tirelessly to support that campaign, and he will be speaking tomorrow night at the very meeting that you have mentioned. First Minister, will you commend and join this campaign, and will you take a stand against such bad financial practice?

Carwyn Jones: I do not think that I can add to the answer that I gave previously. I understand that the Assembly Member for Ceredigion will also be at that meeting. Clearly, it is an important issue for our SMEs, but I do mention the fact that, of course, it is not a devolved matter. However, I note with pleasure that, on 24 October, the UK Government, in a House of Commons debate, committed to monitoring the interest rate swap agreement situation more closely. That, of course, is within its purview, and I certainly welcome its interest in this issue.