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Bradford and Bingley plc Compensation Scheme (Amendment) Order 2009

The noble Baroness, Lady Noakes, asked about the procedure for applying for information. The valuer would of course notify any third party of information required by the valuer for the purposes of the evaluation exercise. We anticipate that he would notify them at the same time as the court procedure is commenced. If the third party refuses to comply with the request, the valuer may apply to the court at the same time and the third party would be put on notice. The court may also invite any party to make representations. Therefore, the third party’s interests are properly protected. The noble Baroness raised a number of questions about why we did not specify protections in the order and a remedy for inappropriate disclosures. On the question of protections, I should like to write to the noble Baroness and the noble Lord in explanation as to why in this case such protections were not included. As for the remedy for inappropriate disclosure, if the valuer discloses confidential or private information not in accordance with the provisions of the order, it is possible that a person may bring a claim for breach of confidence. Questions were also raised by the noble Baroness and the noble Lord on the business plans for Northern Rock and Bradford & Bingley, whose business plan will be finalised by 29 March 2009. A high-level business plan will be published very shortly thereafter. I cannot give precise dates as this is a matter for Bradford & Bingley’s board. The Northern Rock business plan will be published shortly following the Chancellor’s decision to split Northern Rock into two banks, one to enable £14 billion of new mortgages to be granted over the next two years. Questions were raised by both the noble Baroness and the noble Lord about the people from whom information was being sought by the independent valuer, who has made representations to the Treasury seeking powers to obtain information. Given that this is an independent valuation process, it is right that the Government provide these powers. I am not in a position to comment on who, if anyone, has refused to give information as this is an independent valuation process. The process of valuation is complex but very sensitive, and it is important that the independent valuer has all necessary powers to complete a valuation which is independent, thorough and beyond reasonable challenge. It is in those circumstances that we seek the authorities embodied in these instruments.