Oral answer to question provided on Wednesday, 26 November 2008 in the House of Lords, by Lord Myners (Labour).
Banking: Northern Rock
- Answer
-
My Lords, Granite is a separately capitalised vehicle in which Northern Rock had an interest known as a seller’s share. That is part of the cascading waterfall of liabilities. That was the case when Northern Rock was taken into temporary public ownership. It is not a bondholder; it has a seller’s equity interest in the Granite structure.
This is an answer to the Oral question asked on Wednesday, 26 November 2008 by Lord Barnett (Labour).
- Question
- My Lords, my noble friend’s comments are absolutely right as regards the action we have taken. However, I gather that Granite was not part of the Northern Rock nationalisation. Is the press report correct that we have some exposure to Granite? If that is the case, what kind of totally unsecured bond did we take in Granite, if we took one at all, which I hope we did not?
Secondary information
- Type
- Oral answer to question
- Reference
- 705 c1443-4
- Session
- 2007-08
- Chamber / Committee
- House of Lords chamber
- Subjects
- Northern Rock Granite
- Link
- View this Oral answer to question on www.publications.parliament.uk
Librarians' tools
- Timestamp
- 2023-12-13 15:56:53 +0000
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