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Banking (Special Provisions) Bill

I am so sorry, but the noble Lord has the charming ability to make everyone appear to be duffers if they do not quite understand what is happening. I happily fall into that category. I wonder whether he can explain one point about Granite. As I understand it, Granite appears on the books of Northern Rock. It is therefore in some ways owned by Northern Rock. But Granite is apparently a legally separate entity, set up for charitable purposes in Jersey. How can Northern Rock own something that is legally independent? And what happens if Granite goes bust? Does Northern Rock have to pay out? If so, Granite is part of Northern Rock.