Banking (S.I., 2008, No. 432)

I went through the argument about Bear Stearns with some of the hon. Gentleman's colleagues earlier. Is he arguing that a Conservative Government, had they been in place last September, would not have made every effort to explore a private sector solution to the problems faced by Northern Rock? If he agrees that they would have done that, does he accept that it would take time to work through such an option?