Banking (Special Provisions) Bill

The hon. Gentleman is right to say that some securitisation schemes get the obligation off the balance sheet of the company engineering it and into other hands. His problem is that, in this case, that is not what Northern Rock happens to have done. Will he answer the question about the contractual relationship between Northern Rock and Granite which requires the supply of good-quality mortgages where others are paid off, or else become bad-quality mortgages?