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Banking (Special Provisions) Bill

I apologise for interrupting the Minister again, but I asked that question yesterday. I believe that Lloyds TSB said it was prepared to take over Northern Rock on the basis that the Bank of England would provide a £30 billion facility for two years—a draw-down facility which would not necessarily be used, because banks tend to want to match their long and short liabilities—and that although the Government responded at first that they were not prepared to take the loan book as security on the facility, they then changed their mind. The facility would have been at a commercial rate of interest. Secondly, the Government were not prepared to have a commercial rate of interest but wanted a penal rate. When the Government rejected that proposal they committed themselves to a course which has brought us to this sorry state. The Minister owes it to the Committee to tell us whether that is correct. It is playing with words to say that they did not have a firm proposal. Was Lloyds prepared to take over Northern Rock as a private buyer on these terms or was it not?