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Banking (Special Provisions) Bill

Before my noble friend answers, let me say that the implication of what the noble Lord said is that, as of yesterday, there is a distance between Northern Rock and Alliance & Leicester and others. Until yesterday, all were offering 125 per cent mortgages. Today is one day later—and that is what we are complaining about. Maybe tomorrow, on its own calculation, the management of Northern Rock will stop providing such mortgages. We either have to let Northern Rock behave as a commercial bank at arm’s length from the Government or we dictate what it can do. If noble Lords opposite want to bring back the old horrors of nationalised industries, it is up to them. When they get into power, they can do that. We do not want to do that.