Proceeding contribution from John Hemming (Liberal Democrat) in the House of Commons on Tuesday, 19 February 2008. It occurred during Debate on bill and Committee of the Whole House (HC) on Banking (Special Provisions) Bill.
Banking (Special Provisions) Bill
Perhaps the hon. Gentleman accepts that the difficulty is that, as soon as the Government underwrote the Northern Rock depositors, they were in a position whereby, if the music stopped, they were responsible for all the remaining losses. The error was to incur all the due diligence costs of hundreds of millions of pounds rather than nationalising straight away so that the Government were in control and could act to minimise the losses for the taxpayer.
Secondary information
- Type
- Proceeding contribution
- Reference
- 472 c184
- Session
- 2007-08
- Chamber / Committee
- House of Commons chamber
- Subjects
- Compensation Accountability Audit Banks Competition Building societies Bank of England Liability EU law Government assistance Financial Services Authority Economic situation Property transfer Mortgages Loans Staff Office of Fair Trading Nationalisation Regulation Stocks and shares Shareholders Takeovers Treasury Virgin Group Business plans Northern Rock Granite Sunset clauses
- Legislation
- Banking (Special Provisions) Bill 2007-08
- Link
- View this Proceeding contribution on www.publications.parliament.uk
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- 2023-12-15 22:56:18 +0000
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