Northern Rock got into difficulty because it had a rubbish business model. Sticking with clause 12, subsection (3)(d) will enable powers to deal with"““exempting directors of any relevant deposit-taker, or of any group undertaking of any relevant deposit-taker, from liability in connection with acts or omissions in relation to the deposit-taker or undertaking””."
Will my right hon. Friend assure me that those powers will not be invoked to let the directors of Northern Rock who got it into difficulty off the hook should there be any legal liability for the incompetence of those directors?
Banking (Special Provisions) Bill
Proceeding contribution from
Rob Marris
(Labour)
in the House of Commons on Tuesday, 19 February 2008.
It occurred during Debate on bills
and
Committee of the Whole House (HC) on Banking (Special Provisions) Bill.
About this proceeding contribution
Reference
472 c274 Session
2007-08Chamber / Committee
House of Commons chamberSubjects
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