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Banking Bill

We understand that this amendment is necessary because the Northern Rock valuer is unable to obtain the information that he requires to carry out a valuation. One’s first thought is that perhaps he should have thought of that before signing up for the job. More seriously, giving retrospective powers is a bit unusual. I hope that the Minister can explain a little more what this is about. Can the Minister assist the Committee by outlining in what areas the valuer has sought information which is essential to his valuation, in the case of Northern Rock, but which has been denied to him? What persons or types of person have refused to co-operate with the valuer? There is usually a good reason for people refusing to give information. Can the Minister enlighten the Committee on what has been going on and can he also say what this might mean for the timetable for the Northern Rock valuation? I emphasise that we do not normally give retrospective powers of this nature. The Minister justified this on some wide and unspecific grounds of needing to line up this legislation with last year’s legislation. That is not good enough; there has to be some specific cause.