He said he thought there were enough "exceptions" to the Uefa rules that English clubs makingafinancialloss could then use to make sure they were able to come up with a reduced figure which was acceptable to European football's governing body.
In some cases, such as that of a Dynegy executive recently jailed for 24 years, a huge loss can occur without the fraudster making any personal financial gain.
On the Defamation Bill, the government will have to decide whether to accept a new clause allowing profit-making organisations to sue for defamation only where they can prove substantial financialloss, and barring public bodies - like local authorities - from taking any defamation action.