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Proceeding contribution from Yvette Cooper (Labour) 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

Opposition Members may say that they are not in favour of a fire sale of the assets, but that would be exactly the consequence of putting Northern Rock into administration. Creditors would have claims on collateral that would be triggered by insolvency; assets would need to be sold, and the bank would be rapidly wound down. That would not be in the interest of taxpayers. Members in all parts of the House should recognise that the purpose of the Bill is to protect the interests of taxpayers. I think that that is responsible, and it is something that the Government consider important.

Secondary information

Type
Proceeding contribution
Reference
472 c277 
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