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Banking (Special Provisions) Bill

I beg to move, That the Bill be now read the Third time. I thank hon. Members for the speedy consideration of the Bill, which was introduced under unusual circumstances. Last summer, triggered by events in the US sub-prime mortgage market, a global credit crunch began. Banks stopped lending to each other in the normal way and Northern Rock, owing to its business model, could not get the money that it needed to keep going. The action that we took last autumn was widely supported at the time. The Government stepped in and effectively saved Northern Rock. As a result of the decisions that the Chancellor took at that time, not only is Northern Rock still operating, but its customers' deposits are secure and we have prevented the problems affecting it from spreading elsewhere in the banking system. That has been one of our main concerns from the beginning—to safeguard the stability of the banking system.