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Banking (S.I., 2008, No. 432)

Today, Northern Rock set out in its accounts what its financial position was for 2007, and it has set out its business plan for the next few years. It has set out a clear framework as part of the business plan, which involves repaying the loans from the Bank of England. It is important for the taxpayer that the loans are repaid, and we should be clear that under the approach repeatedly proposed by Opposition Members those loans from the Bank of England would be at stake—they would be put at risk. Opposition Members have never faced up to the fact that their completely incoherent and all-over-the-place approach would seriously put at risk not only support from the taxpayer as a result of the guarantees, but the approach taken by the Bank of England.