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Banking (Special Provisions) Bill

We have made clear our objectives throughout the process: to ensure the financial stability of the banking system. We have also been keen to secure the interests of depositors and, in particular, to ensure that the taxpayers' interests are protected. That is why we have taken the decision, and we have made detailed assessments of all the options for that purpose. We have said that we will shortly publish a framework document, which will deal with the arrangements that need to operate between Northern Rock and the Treasury and the Government. Ron Sandler will publish a business plan in due course which will need to be agreed with the Government and compliant with EU state aid rules. It is important also that we should operate within a framework that is fair, and in which there is no inappropriate unfair competition. It is right that that should happen, but it is equally right that the new board of Northern Rock should have a chance to go through the books, assess the business in detail and draw up its proposals on how the interests that the Government have set out can best be secured. Those will then need to be approved and considered by the Government, and obviously they will be published at that time.