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Banking (Special Provisions) Bill

Perhaps I should clarify that there are two different points. Granite is part of the funding mechanism for Northern Rock and it is on the bank's balance sheet; however, it is a separate trust and has never been covered by the Government guarantees. It is not being taken into public ownership and it is not, in fact, owned by Northern Rock, so it is not part of the taxpayer's exposure and has never been so. On the matter of how clause 12 relates to the directors, it does not apply to old or former directors; it is about the potential to make provision for directors who are in place while Northern Rock is temporarily in the public sector. It is an enabling provision—[Interruption.]