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Northern Rock

Once again, half the Conservatives seem to want the bank to fail, while the other half are worried about its being too successful. I said in reply to the right hon. Member for Chingford and Woodford Green (Mr. Duncan Smith) that whatever business plan is approved has to meet the European state aid rules, which are there to ensure that there is not unfair competition when an institution has a degree of support from a Government. It is important for Northern Rock to have the opportunity to continue to trade in order to get through this difficult period—and I am sure that it will be painful for the company. However, if we take the opposite view of removing the guarantees and stopping it from trading or offering products—I am not sure that the hon. Member for Ryedale (Mr. Greenway) was advocating that—we might as well put Northern Rock into administration, which would result in a significant loss to taxpayers. I cannot believe that that is his position.