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Northern Rock

I should like to make a little more progress, and then I shall give way. Our intervention was widely supported at the time, including by some who now imply that it was the wrong thing to do or who are now not prepared to accept the consequences of that support. All the lending that the Bank of England has provided is secured against assets held by Northern Rock, which include high-quality mortgages and securities. The Bank is the senior secured creditor. The Financial Services Authority has said, and continues to say, that Northern Rock's main asset base—its mortgage book—is strong and sound.