Northern Rock plc Transfer Order 2008 (SI 2008/432). Debate on motion to annul. Objection taken. Division deferred to 2 April. (Negatived by 322 votes to 124).
Banking (S.I., 2008, No. 432)
Legislative debate on Monday, 31 March 2008,
in the House of Commons,
led by Mark Hoban.
The answering
member was Yvette Cooper.
About these Parliamentary proceedings
Reference
474 c575-98Session
2007-08Chamber / Committee
House of Commons chamberRelated items
Northern Rock plc Transfer Order 2008
Thursday, 21 February 2008
Statutory instruments
House of Lords
House of Commons
Thursday, 21 February 2008
Statutory instruments
House of Lords
House of Commons
Show all related items (5)
Proceeding contributions
Philip Dunne | 474 c596-7 (Link to this contribution)
I am very grateful to my right hon. Friend for reminding me of that. Indeed, the unsecured lending b...
John Redwood | 474 c596 (Link to this contribution)
Perhaps my hon. Friend will remind Labour Members that there are a good many unsecured loans as well...
Show all contributions (44)
Philip Dunne | 474 c596 (Link to this contribution)
I readily agree that the overall book has increased substantially, which means that all categories o...
Jim Cousins | 474 c595 (Link to this contribution)
I happen to have the table in front of me. Does it not also show that the best-quality mortgages, th...
Philip Dunne | 474 c597 (Link to this contribution)
She will be happy to write to me about that. I am very grateful because the issue is causing concern...
Yvette Cooper | 474 c597 (Link to this contribution)
indicated assent.
Philip Dunne | 474 c594-5 (Link to this contribution)
It is a great pleasure to follow my right hon. Friend the Member for Wokingham (Mr. Redwood), whose ...
John Redwood | 474 c592-4 (Link to this contribution)
I do not think that the circle can be squared. If the loan were made permanent for, say, 10 years, i...
Jim Cousins | 474 c592 (Link to this contribution)
Does the right hon. Gentleman accept that the logic of what he is saying points to a longer period f...
John Redwood | 474 c591-2 (Link to this contribution)
It was a great pity that the Chief Secretary decided to devote so much energy to rather silly and cl...
Vincent Cable | 474 c586-9 (Link to this contribution)
I shall not repeat all the arguments about the history of the nationalisation of the bank, which we ...
Yvette Cooper | 474 c585-6 (Link to this contribution)
My hon. Friend makes an important point. The proposals set out in the business plan are for the cont...
Vincent Cable | 474 c589 (Link to this contribution)
I am just drawing my remarks to a conclusion.
The Governor is absolutely right to defend the public...
Doug Henderson | 474 c590 (Link to this contribution)
I went through the argument about Bear Stearns with some of the hon. Gentleman's colleagues earlier....
Lord Risby | 474 c589-90 (Link to this contribution)
This afternoon, there was an announcement on the home page of the Northern Rock website saying:"““Du...
John McDonnell | 474 c585 (Link to this contribution)
We have heard a lot about the taxpayer's potential losses, but before my right hon. Friend concludes...
Yvette Cooper | 474 c585 (Link to this contribution)
Once again, I have to remind Opposition Members that the decision that they supported in the autumn ...
Mark Hoban | 474 c598 (Link to this contribution)
We have had a very full debate on the order. I was a little disappointed in the Chief Secretary's sp...
Philip Dunne | 474 c597-8 (Link to this contribution)
I understand the hon. Gentleman's enthusiasm for spending money in his region, but that is not the p...
Speaker | 474 c598 (Link to this contribution)
I think the Ayes have it.
Doug Henderson | 474 c597 (Link to this contribution)
Perhaps the hon. Gentleman could make it clear whether the Conservatives' position is that those mon...
John Redwood | 474 c575 (Link to this contribution)
Does my hon. Friend agree that there is a contradiction in that rapid repayment of the Treasury mone...
Mark Hoban | 474 c575 (Link to this contribution)
I beg to move,"That an humble Address be presented to Her Majesty, praying that the Northern Rock pl...
Mark Hoban | 474 c583 (Link to this contribution)
Will the Chief Secretary tell the House what the predicted losses are in the business plan that the ...
Yvette Cooper | 474 c583 (Link to this contribution)
Today, Northern Rock set out in its accounts what its financial position was for 2007, and it has se...
Stewart Hosie | 474 c584 (Link to this contribution)
The Minister said that she was not prepared to accept a deal at any price, and that is rather sensib...
Yvette Cooper | 474 c584 (Link to this contribution)
I caution the hon. Gentleman against making decisions on the basis of speculation about different al...
Yvette Cooper | 474 c584 (Link to this contribution)
I want to make some progress.
Opposition Members have referred to the level of arrears as a result ...
Graham Stuart | 474 c583 (Link to this contribution)
My question is simple. What will the cumulative losses be before 2011?
Yvette Cooper | 474 c583-4 (Link to this contribution)
I say again that Northern Rock has set out its business plan; it has set out the series of actions i...
Yvette Cooper | 474 c583 (Link to this contribution)
I shall give way once more, but I am conscious of the fact that Members from other parties also want...
Mark Hoban | 474 c575-6 (Link to this contribution)
Indeed. My right hon. Friend identifies an important issue at the heart of the matter. The business ...
Yvette Cooper | 474 c581 (Link to this contribution)
Interestingly, the experience on the other side of the Atlantic has shown that banks across the worl...
John Redwood | 474 c582 (Link to this contribution)
Surely the Chief Secretary can see that, if the Bank of England had simply acted as bank manager, an...
Yvette Cooper | 474 c582 (Link to this contribution)
The right hon. Gentleman describes what he says would have been ““tough love”” by the Bank of Englan...
Mark Hoban | 474 c582-3 (Link to this contribution)
Will the Chief Secretary give a commitment that Northern Rock will not appear in the top three best-...
Stewart Hosie | 474 c576 (Link to this contribution)
I share the hon. Gentleman's frustration about the use of the weekend takeover as an excuse not to a...
Mark Hoban | 474 c576-80 (Link to this contribution)
It would be to the benefit, because there are better solutions to Northern Rock's problems that the ...
Philip Dunne | 474 c581 (Link to this contribution)
Will the Chief Secretary enlighten the House on whether the Chancellor took advice or was given guid...
Yvette Cooper | 474 c583 (Link to this contribution)
As I said 10 seconds ago, the competitive framework that Northern Rock published today as part of it...
John Redwood | 474 c584 (Link to this contribution)
Does that not mean that, as the business will lose money for the next three years, it will receive a...
John Redwood | 474 c584 (Link to this contribution)
Will the right hon. Lady give way?
Lord Risby | 474 c590-1 (Link to this contribution)
Of course, the Bear Stearns exercise was encouraged and helped by the Federal Reserve, and I know th...
Yvette Cooper | 474 c580-1 (Link to this contribution)
We are debating the transfer order to take Northern Rock into temporary public ownership. I am disap...
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2024-02-08 18:06:10 +0000
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