Banking (Special Provisions) Bill

We are clear that we are taking over the legal entity that is Northern Rock—the totality of Northern Rock—and it will pass into the hands of the new board. Ron Sandler will now draw up the business plan and arrangements for the new bank. It is right that he should do so and that it should operate on a commercial basis. Let us be clear about why we have done what we have done: it is in order to save—[Interruption.]