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Banking (Special Provisions) Bill

I emphasise again that there are no obligations on Northern Rock in that respect with regard to Granite. There is therefore no question of Granite, any more than of Dolerite, being brought within this legislation. Forgive me; I am not suggesting for one moment that the questions being addressed to me are anything other than insightful—of course they are. My problem is how often I am being expected to answer them within the constraints of my time at the Dispatch Box. The noble Lords, Lord Forsyth and Lord Lawson, asked me about a supposed bid last September, a question which was certainly raised yesterday. There was never a bid or a proposal to which the Government should have responded in those terms. Although the Chancellor made it clear, as did the Governor of the Bank of England and the chairman of the Financial Services Authority, that an enquiry by a possible buyer was made, no firm proposal was ever received. There was nothing on which the Government could act. It is therefore not right to give the impression that what was going on last September was similar to the issues relating to Olivant and Virgin over the past few months.