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Banking (Special Provisions) Bill

It is revealing to learn that the hon. Gentleman is an expert not only on matters of faith but on global securitisation. As he has criticised the hon. Member for Twickenham (Dr. Cable) for raising the subject of Granite, perhaps he will expand on the final sentence of the technical note from the Treasury which states:"““Northern Rock is not liable for the Granite bonds and bondholders have no access to Northern Rock's assets.””" If that is the case, why is it that Northern Rock not only controls all the cash flowing into Granite, but has an obligation to top up assets and the seller's share that it holds in Granite?