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Banking (Special Provisions) Bill

If the hon. Gentleman had been here earlier, he would know that we have discussed the reasons for bringing the Bill through rapidly. We took action in the autumn to ensure that Northern Rock could continue. As well as the Bank of England loans, we provided Government guarantees. Those have proved necessary in order for Northern Rock to continue and to support financial stability at the time. We took the decision on Sunday after detailed consideration of the two bids—two serious bids, I should point out—which we could have gone with. We took the decision, however, that temporary public ownership was in the interests of the taxpayer. We took the decision and announced it very soon after on Sunday, and shares of Northern Rock were suspended on Monday morning. Those shares are still suspended. They have not yet been transferred to the public sector and the Treasury solicitor. It is important for Northern Rock that it should have some certainty about its future operations, and that it should know who its shareholders are and who is in charge. It is important for Ron Sandler to be able to get on with his work in an environment of stability and security. Therefore, it is not in the interests of Northern Rock, the wider stability of the banking system or the House to extend unnecessarily our consideration of the Bill, when we can get it in place rapidly, in order to be able to effect the order and provide certainty for Northern Rock for the future.