I am extremely grateful to the Minister for giving way. I quite understand what she is saying, but it is extremely important that the public should understand one aspect of this issue. In the technical note that the Chancellor of the Exchequer sent to the hon. Member for Twickenham (Dr. Cable), it is mentioned that Northern Rock sold about half of its mortgage assets to Granite between 1999 and 2007. The note explains that Northern Rock will have an obligation to top up in the event that some of those assets are redeemed. Are the public not entitled to know whether some of the best assets of Northern Rock can be siphoned out of the company into Granite, thereby diminishing the value of the taxpayer's investment?
Banking (Special Provisions) Bill
Proceeding contribution from
Gerald Howarth
(Conservative)
in the House of Commons on Thursday, 21 February 2008.
It occurred during Debate on bills on Banking (Special Provisions) Bill.
About this proceeding contribution
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472 c637-8 Session
2007-08Chamber / Committee
House of Commons chamberSubjects
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