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Proceeding contribution from Baroness Noakes (Conservative) in the House of Lords on Monday, 26 January 2009. It occurred during Committee of the Whole House (HL) and Debate on bill on Banking Bill.

Banking Bill

I am somewhat confused by the Minister’s response. As I recall, the Northern Rock valuation order made two specific assumptions; first, a common assumption of no financial assistance from the Government; and, secondly, that Northern Rock was not a going concern. I am therefore not quite clear what all this information from previous bidders or auditors will add to a valuation in that context. Is the Minister clear that the valuer needs this information? It is clearly not right to confer powers to interrogate witnesses and the like if the valuer does not need them. The valuation constraints in the Northern Rock order are so narrow that it is jolly difficult to see what questions they would want to ask anybody.

Secondary information

Type
Proceeding contribution
Reference
707 c96 
Session
2008-09
Chamber / Committee
House of Lords chamber
Subjects
Disclosure of information Compensation Codes of practice Audit Assets Debts Bank services Banks Delegated legislation Bank of England Bank notes Deposits Credit rating Housing Finance Fees and charges Liability EU law Investment Financial institutions Insolvency European communities Government assistance Financial Services Authority Financial markets Foreign companies Private sector Membership Public expenditure Property Parliamentary scrutiny Loans Post offices Monetary policy Statistics Regulation Stocks and shares Valuation Treasury Financial Services Compensation Scheme National Loans Fund Northern Rock Financial Stability Committee Sunset clauses
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Proceeding contribution on www.publications.parliament.uk