Early day motion tabled by primary sponsor Gerry Steinberg (Labour), on Monday, 24 February 1997, in the House of Commons. It is signed by 28 members in total.

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NORTHERN ROCK BUILDING SOCIETY

That this House is appalled at the policy of the management of the Northern Rock Building Society who, since the announcement of their intention to float on the Stock Market, have held both their borrowers and investors to ransom by charging above average interest rates on investment accounts safe in the knowledge that huge numbers of their customers are trapped in their respective accounts in fear of missing out on conversion shares; furthermore notes that they doubled the Government's one quarter point base rate rise to their borrowers on 1st January, which they have now reversed by a cut of one fifth of a point, which has resulted in a cost to the typical Northern Rock borrower of ??30, which should be repaid; and is not surprised that the Northern Rock has one of the worst reputations in the industry.

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Secondary information

Type

Early day motion

Reference

573 

Session

1996-97

Subjects

Building societies

Link

View this Early day motion on www.parliament.uk