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Northern Rock

Secondary information

Type

Parliamentary proceeding

Reference

536 c25-42 

Session

2010-12

Department

Treasury

Chamber / Committee

House of Commons chamber

Proceeding contributions

Speaker | 536 c34 (Link to this contribution) Order. The relationship between that question and the matter under consideration is, at best, tangen...

Mark Hoban | 536 c34 (Link to this contribution) I was, indeed, intrigued about the role Northern Rock might play in bailing out the eurozone economi...

Show all contributions (95)

Lord Harrington of Watford | 536 c35 (Link to this contribution) I, for one, would like to thank the Financial Secretary and his colleagues for this deal, as I belie...

Mark Hoban | 536 c34 (Link to this contribution) My hon. Friend is right. The mentality that, hopefully, something will turn up seemed to guide the L...

Baroness Stuart of Edgbaston | 536 c34 (Link to this contribution) I want to be reassured that this is the right time to sell Northern Rock. I presume that the Treasur...

Ronnie Campbell | 536 c33-4 (Link to this contribution) This is a three-year deal by Mr Goody Two Shoes, Mr Branson. [Interruption.] That is what he is: Goo...

Mark Hoban | 536 c34 (Link to this contribution) I think that there is a better guarantee of jobs under the current proposal than there would have be...

Speaker | 536 c34 (Link to this contribution) Order. As I said to the hon. Member for Reading West (Alok Sharma), I understand that there are very...

Mark Hoban | 536 c31 (Link to this contribution) It is a matter for Virgin Money and Northern Rock Foundation to discuss. Virgin Money has said as pa...

Michael Fallon | 536 c31 (Link to this contribution) The big plus here is that from January we will have a strong challenger retail bank. Will my hon. Fr...

Mark Hoban | 536 c31-2 (Link to this contribution) My hon. Friend is right. From 1 January we will see a strong challenger on the high street from a bu...

Roberta Blackman-Woods | 536 c32 (Link to this contribution) I note that the Minister said that this agreement would lead to additional job creation in the north...

Mark Hoban | 536 c32 (Link to this contribution) What this deal does is preserve jobs in the north-east. Virgin is committed to not going beyond the ...

Michael Meacher | 536 c31 (Link to this contribution) But is it not a scandal to sell off Northern Rock unnecessarily at this time at a cost to the taxpay...

Mark Hoban | 536 c31 (Link to this contribution) Clearly, there are two parts to the Northern Rock business that the previous Government nationalised...

Lord Redwood | 536 c31 (Link to this contribution) I hope that Sir Richard Branson can turn this business into a profit-making, growing business, gener...

Alan Campbell | 536 c31 (Link to this contribution) Will the Minister give a cast-iron guarantee that the foundation will still exist beyond 2013?

Alec Shelbrooke | 536 c33 (Link to this contribution) The deal that the Minister has announced represents the best value that can be obtained for the taxp...

Mark Hoban | 536 c33 (Link to this contribution) My hon. Friend is absolutely right. Since we came to office, we have reformed the failed tripartite ...

Catherine McKinnell | 536 c33 (Link to this contribution) Of course my constituents in Newcastle welcome news that appears to offer some job security to many ...

Mark Hoban | 536 c33 (Link to this contribution) Indeed. Councillor Nick Forbes, whom I quoted earlier, also said:"““The decision by Virgin Money to ...

Mark Field | 536 c32 (Link to this contribution) I accept that any Government should, in the Minister's words, be looking to ““get out”” of the busin...

Mark Hoban | 536 c32 (Link to this contribution) The decision to dispose of Northern Rock was taken in isolation from consideration of other banks. A...

Guy Opperman | 536 c33 (Link to this contribution) I too was in Newcastle last week, when the foundation, local people, the Labour party and the cheeri...

Mark Hoban | 536 c33 (Link to this contribution) We went out of our way to encourage that. We spoke to various organisations that are keen to promote...

Chi Onwurah | 536 c32 (Link to this contribution) I welcome the end of some of the uncertainty that has been blighting many of my constituents' lives,...

Mark Hoban | 536 c32 (Link to this contribution) No one put forward a workable plan for a stand-alone remutualisation of Northern Rock. No mutual cam...

Mark Hoban | 536 c42 (Link to this contribution) I question whether the hon. Gentleman himself understands mutuals. There are situations where mutual...

Mark Hoban | 536 c42 (Link to this contribution) I say this to the hon. Gentleman and other Members on the Opposition Benches who represent the Co-op...

Jonathan Ashworth | 536 c40 (Link to this contribution) Will the Financial Secretary confirm, so that we are clear, that the Treasury did not apply to the E...

Mark Hoban | 536 c41 (Link to this contribution) We were dealt a hand by the previous Government. We inherited their ownership of Northern Rock. We i...

Stephen Mosley | 536 c41 (Link to this contribution) The employees of Northern Rock were cheering last week, but is this not also a vote of confidence by...

Mark Hoban | 536 c41 (Link to this contribution) That is right. We have a significant new entrant in the financial services market that is prepared t...

Gemma Doyle | 536 c41 (Link to this contribution) Can the Minister guarantee that the Government will get back the £150 million that they are lending ...

Mark Hoban | 536 c41 (Link to this contribution) What we put in place with Virgin Money is a capital instrument which is an important part of its fin...

Paul Blomfield | 536 c41 (Link to this contribution) Is it any wonder that Members on the Labour Benches and people more widely question the value of the...

Mark Hoban | 536 c41 (Link to this contribution) That is why we have agreed as part of the deal that if Northern Rock is sold within five years, we w...

Mark Hoban | 536 c40 (Link to this contribution) The directors of Northern Rock have been subject to enforcement action by the FSA, but I shall not g...

Mark Hoban | 536 c39 (Link to this contribution) My hon. Friend will understand from his own business experience that received advice can be subject ...

Andrew Love | 536 c39-40 (Link to this contribution) I remind the Minister that UKFI made it absolutely clear at the start of the process that it was loo...

Mark Hoban | 536 c39 (Link to this contribution) We should think about those dates very carefully. It was demutualised in 1997 and failed in 2007. Th...

Jonathan Evans | 536 c39 (Link to this contribution) My hon. Friend will recall that when he appeared before the all-party group for building societies a...

Mark Hoban | 536 c40 (Link to this contribution) My hon. Friend is absolutely right. If we measure this deal against the values at which other banks ...

Nicholas Dakin | 536 c40 (Link to this contribution) Has the Financial Services Authority expressed a view on the use of £240 million of Northern Rock's ...

Mark Hoban | 536 c40 (Link to this contribution) I just point out to the hon. Gentleman that the mandate for UKFI was to maximise value for money for...

Richard Fuller | 536 c40 (Link to this contribution) Given the failed corporate strategy that led directly to the first run on a bank for more than 100 y...

Mark Hoban | 536 c40 (Link to this contribution) As I said earlier, the FSA will go through its normal process of approving the transfer and sale of ...

Philip Hollobone | 536 c38 (Link to this contribution) What commitment has Virgin Money made to Her Majesty's Treasury that it will increase lending to sma...

Mark Hoban | 536 c38 (Link to this contribution) At the moment, Virgin Money operates primarily in the retail financial services field. It offers a r...

Chris Evans | 536 c38 (Link to this contribution) Will the Minister please explain how using £240 million of Northern Rock's own capital somehow repre...

Mark Hoban | 536 c38 (Link to this contribution) As I have already made very clear, Virgin Money is paying £747 million to the taxpayer, and other pr...

Mark Hoban | 536 c38 (Link to this contribution) My hon. Friend is absolutely right. We want to see new competitors in the market—people who can chal...

Lord Wilson of Sedgefield | 536 c38 (Link to this contribution) Will the Government do an impact assessment of the effect on jobs in the voluntary sector if the Nor...

Mark Hoban | 536 c38 (Link to this contribution) I recognise the importance of the Northern Rock Foundation and I think we all appreciate the excelle...

Mark Hoban | 536 c39 (Link to this contribution) My hon. Friend makes a good point. I am not sure I would ever want to turn to those on the Oppositio...

Stephen Hammond | 536 c38-9 (Link to this contribution) I thank my hon. Friend for his statement. If I understand it, the deal done by the Labour party that...

William Bain | 536 c39 (Link to this contribution) Northern Rock demutualised in 1997 yet collapsed 10 years later. Does the Financial Secretary recogn...

Mark Hoban | 536 c37 (Link to this contribution) I do not agree with that at all. If the hon. Gentleman had spoken to Northern Rock employees over th...

Baroness Laing of Elderslie | 536 c37 (Link to this contribution) In contrast to the Opposition's blind prejudice against the private sector, does the Minister agree ...

Mark Hoban | 536 c36 (Link to this contribution) I can indeed. One of the commitments given by Virgin Money was to maintain Northern Rock's existing ...

David Anderson | 536 c37 (Link to this contribution) If this is the best time to sell Northern Rock—a time when it has made a loss, with the implication ...

Mark Hoban | 536 c36 (Link to this contribution) This transaction is subject to regulatory approval by the Financial Services Authority, which will c...

Robert Halfon | 536 c36 (Link to this contribution) As well as reassuring anxious employees that there will be no compulsory redundancies, will my hon. ...

Alun Cairns | 536 c38 (Link to this contribution) Does the Minister agree that this could be seen as the first step in returning normality to the bank...

Mark Hoban | 536 c37 (Link to this contribution) The deal we have agreed with Virgin Money involves the receipt of £747 million in cash now and furth...

Baroness Berger | 536 c37 (Link to this contribution) Earlier this year, UKFI ruled out remutualising Northern Rock on the grounds that that would represe...

Mark Hoban | 536 c37 (Link to this contribution) My hon. Friend is absolutely right. What is impressive about Virgin Money has been the way it has so...

Peter Bone | 536 c36 (Link to this contribution) For Northern Rock's employees, borrowers and depositors, who does the Minister think would be better...

Mark Hoban | 536 c36 (Link to this contribution) I have always taken the view—I think my hon. Friend will agree with me on this occasion—that these t...

Tom Blenkinsop | 536 c35-6 (Link to this contribution) It is amazing that the Government find the ability to mutualise public services but not to remutuali...

Mark Hoban | 536 c36 (Link to this contribution) I have made it very clear that we acted on the advice that we had received from our independent advi...

Grahame Morris | 536 c36 (Link to this contribution) My question is about the timing and sustainability of this deal. I wonder whether the Minister will ...

Mark Hoban | 536 c35 (Link to this contribution) My hon. Friend makes an important point. The reality is that Northern Rock's problems and ultimate f...

Mark Hoban | 536 c35 (Link to this contribution) My right hon. Friend makes an important point. As someone who was born and brought up in the north-e...

Lord Beith | 536 c35 (Link to this contribution) My constituents who have worked for Northern Rock, and people throughout the north-east who care abo...

Mark Hoban | 536 c35 (Link to this contribution) There is a good deal for the foundation. There was no obligation on Virgin Money to continue the dea...

Ian Mearns | 536 c35 (Link to this contribution) The Financial Secretary will remember the discussions we had in the summer and spring about this pot...

Speaker | 536 c30 (Link to this contribution) Order. There is extensive interest in this statement, which I am keen to accommodate, but I remind t...

Mark Hoban | 536 c30 (Link to this contribution) My hon. Friend makes an important point. We have studied the Treasury Committee's reports on competi...

Mark Hoban | 536 c30 (Link to this contribution) The hon. Gentleman is well known for his business experience, but what we need is to get the best de...

Geoffrey Robinson | 536 c30 (Link to this contribution) Is the Financial Secretary not aware that this is an appalling deal, and at quite the wrong time for...

Mark Hoban | 536 c30-1 (Link to this contribution) My hon. Friend has championed particular ideas about the distribution of shares in RBS, and we liste...

Stephen Williams | 536 c30 (Link to this contribution) I welcome my hon. Friend's confirmation that this is the best value for the taxpayer and injects a n...

Chris Leslie | 536 c27-9 (Link to this contribution) Thank you very much, Mr Speaker. I was simply making the point that the Chancellor ought to have bee...

Speaker | 536 c27 (Link to this contribution) Order. I just say this, once and for all, to the hon. Member for Reading West (Alok Sharma): sit the...

Lord Tyrie | 536 c30 (Link to this contribution) In the Treasury Committee's recent report on competition in retail banking, we argued strongly that ...

Mark Hoban | 536 c29-30 (Link to this contribution) That was a lame response to my statement. The previous Government presided over the failure of finan...

Chris Leslie | 536 c27 (Link to this contribution) The Chancellor might have chosen to make this announcement when Parliament was in recess, but he rea...

Speaker | 536 c27 (Link to this contribution) I apologise to the hon. Gentleman for inadvertently demoting him. I had been advised that this state...

Mark Hoban | 536 c25-7 (Link to this contribution) With permission, Mr Speaker, I would like to make a statement about Northern Rock. As the House will...

Mark Hoban | 536 c31 (Link to this contribution) The previous Government injected £1.4 billion-worth of capital into Northern Rock plc. That has gone...

Gareth Thomas | 536 c42 (Link to this contribution) The Minister was asked at the all-party financial mutuals inquiry to publish in full the Deutsche Ba...

Andrew Bridgen | 536 c40 (Link to this contribution) Has the Minister noted that the deal agreed with Virgin Money represents 80% of the book value of No...

Matt Hancock | 536 c34 (Link to this contribution) Is not the argument that we should hold on to Northern Rock for a few more years in the hope that th...

Jonathan Reynolds | 536 c42 (Link to this contribution) Like my fellow Co-operative party MPs, I strongly wanted to see a mutual solution for Northern Rock....

Subjects

Government shareholding Sales Northern Rock plc Virgin Money

Contains statistics

Yes

Link

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