Oral question asked in the House of Lords, by Lord Borrie (Labour). It was answered by Lord De Mauley (Conservative) on Wednesday, 2 March 2011.

Banks: Mutual Ownership

Question: To ask Her Majesty’s Government whether they envisage the sale of banks in which they have a stake being accompanied by the revival of mutual ownership.

Answer: My Lords, UKFI, which manages the Government’s investments and financial institutions is responsible for devising appropriate exit strategies. Its mandate requires it to act in a way that protects and creates value for money for the taxpayer and pays due regard to financial stability and competition considerations. It is currently exploring the options available for disposing of Northern Rock plc. All exit strategies will be considered, including remutualisation.

Secondary information