To ask the Chancellor of the Exchequer, if he will hold discussions with representatives of the Financial Conduct Authority and the Bank of England on requiring Liverpool Victoria and Bain Capital to publish the fees that their advisers in respect of the takeover are set to be paid; and if...

To ask the Chancellor of the Exchequer, if he will hold discussions with representatives of the Financial Conduct Authority and the Bank of England on requiring Liverpool Victoria and Bain Capital to publish the fees that their advisers in respect of the takeover are set to be paid; and if...

No, my Lords, it is not that. As I said as a background to the Bill, we intend to introduce legislation that will produce reform for the banking and building society sectors and all deposit-takers. It will take us some months to do that. We are working on the proposals;...

No, my Lords, it is not that. As I said as a background to the Bill, we intend to introduce legislation that will produce reform for the banking and building society sectors and all deposit-takers. It will take us some months to do that. We are working on the proposals;...

My Lords, as I have indicated, there is a letter in the Library that spells out all the aspects regarding Granite, but I will emphasise the most significant point that the noble Lord has addressed and which is of concern. Granite has no claim on the assets of Northern Rock....

My Lords, as I have indicated, there is a letter in the Library that spells out all the aspects regarding Granite, but I will emphasise the most significant point that the noble Lord has addressed and which is of concern. Granite has no claim on the assets of Northern Rock....

My Lords, I would really like to be able to acquit the Government of blame for the collapse of Northern Rock. These things happen. I am afraid that this debate has shown very clearly that the consequences of Mr Gordon Brown dismantling the protective mechanism which was in place to...

My Lords, I would really like to be able to acquit the Government of blame for the collapse of Northern Rock. These things happen. I am afraid that this debate has shown very clearly that the consequences of Mr Gordon Brown dismantling the protective mechanism which was in place to...

My Lords, when I first started my business, I was introduced to a well known businessman who told me something that I will never forget. He said, ““Young man, empires are built on trust””. What we have before us today is the result of the breakdown of trust—a breakdown of...

My Lords, when I first started my business, I was introduced to a well known businessman who told me something that I will never forget. He said, ““Young man, empires are built on trust””. What we have before us today is the result of the breakdown of trust—a breakdown of...

My Lords, the Minister says that this bank may not expand its business, yet it has 20 per cent of the mortgage market. Having done that, it has found itself bankrupt. Now, the constraint in going to Europe is that that is post-event. What worries the rest of the banking...

My Lords, the Minister says that this bank may not expand its business, yet it has 20 per cent of the mortgage market. Having done that, it has found itself bankrupt. Now, the constraint in going to Europe is that that is post-event. What worries the rest of the banking...

My Lords, I am grateful to all noble Lords who have spoken in this excellent debate and I accept, in the spirit in which it is intended, the sympathy for my position expressed, most recently by the noble Lord, Lord De Mauley, and by the noble Earl, Lord Ferrers. Indeed,...

My Lords, I am grateful to all noble Lords who have spoken in this excellent debate and I accept, in the spirit in which it is intended, the sympathy for my position expressed, most recently by the noble Lord, Lord De Mauley, and by the noble Earl, Lord Ferrers. Indeed,...

My Lords, my noble friend is half right and half wrong. There was a fearful row about whether it was a hybrid Bill. The Government said that it was not, everyone else said that it was, and the Examiner said that it was. That Bill failed, and the Government produced...

My Lords, my noble friend is half right and half wrong. There was a fearful row about whether it was a hybrid Bill. The Government said that it was not, everyone else said that it was, and the Examiner said that it was. That Bill failed, and the Government produced...

My Lords, the guarantees mean that Northern Rock will attract more depositors who are seeking security. But it is very unlikely that it will be able to sustain any uncompetitive rates to depositors in any long term. It is also true that our competition authorities, which have significant powers, will...

My Lords, the guarantees mean that Northern Rock will attract more depositors who are seeking security. But it is very unlikely that it will be able to sustain any uncompetitive rates to depositors in any long term. It is also true that our competition authorities, which have significant powers, will...

My Lords, the Minister addressed that briefly in his opening speech when he said that Lloyds had not made a firm offer. It did not make one, of course, because its tentative approach was brushed aside.

My Lords, the Minister addressed that briefly in his opening speech when he said that Lloyds had not made a firm offer. It did not make one, of course, because its tentative approach was brushed aside.

My Lords, Mr Sandler’s main experience was generated in running or in trying to convert Lloyds, which is not a retail empire. In my experience, he has no experience of running a retail mortgage business.

My Lords, Mr Sandler’s main experience was generated in running or in trying to convert Lloyds, which is not a retail empire. In my experience, he has no experience of running a retail mortgage business.

My Lords, that is exactly the point. I used to run around the corridors for my noble friend Lord Lawson in the 1980s, when we were dealing with banking matters. I am glad to have him putting me right on that point, but it is true that nobody had put...

My Lords, that is exactly the point. I used to run around the corridors for my noble friend Lord Lawson in the 1980s, when we were dealing with banking matters. I am glad to have him putting me right on that point, but it is true that nobody had put...

My Lords, my noble friend, and wife, Lady Eccles and I live 12 miles from Darlington. We have always looked north to the admirable city of Newcastle. Our eldest daughter and her family live there. My noble friend Lady Eccles has been a Northern Rock depositor and our charitable endeavours...

My Lords, my noble friend, and wife, Lady Eccles and I live 12 miles from Darlington. We have always looked north to the admirable city of Newcastle. Our eldest daughter and her family live there. My noble friend Lady Eccles has been a Northern Rock depositor and our charitable endeavours...

My Lords, it is always a great pleasure to follow the noble Lord, Lord Marlesford, in this House, as I once followed him on the staff of the Economist magazine, though I regret that, from his remarks this evening, he does not share that magazine's wise view that nationalisation is...

My Lords, it is always a great pleasure to follow the noble Lord, Lord Marlesford, in this House, as I once followed him on the staff of the Economist magazine, though I regret that, from his remarks this evening, he does not share that magazine's wise view that nationalisation is...

My Lords, I support the Bill before the House to enable the Government to take Northern Rock into temporary public ownership. I realise that is a bit of a minority interest in the House today, but I shall persevere. I very much regret that the Government find themselves in this...

My Lords, I support the Bill before the House to enable the Government to take Northern Rock into temporary public ownership. I realise that is a bit of a minority interest in the House today, but I shall persevere. I very much regret that the Government find themselves in this...

My Lords, the Title of this Bill is Banking (Special Provisions), and special it certainly is. The words ““Northern Rock”” are not in the Bill and yet that is what it is about. Why are we here? In his contribution the noble Lord, Lord Stewartby, mentioned the business of borrowing...

My Lords, the Title of this Bill is Banking (Special Provisions), and special it certainly is. The words ““Northern Rock”” are not in the Bill and yet that is what it is about. Why are we here? In his contribution the noble Lord, Lord Stewartby, mentioned the business of borrowing...

My Lords, I, too, am conscious of the need not to repeat speeches that have already been made. I want to add a little to the background and the early stages of that background, to demonstrate why the proposals will not work and to ask some questions. I do this...

My Lords, I, too, am conscious of the need not to repeat speeches that have already been made. I want to add a little to the background and the early stages of that background, to demonstrate why the proposals will not work and to ask some questions. I do this...

My Lords, I rarely speak in the House. One reason is that, as the noble Lord, Lord Forsyth, pointed out, by the time one gets to speak, everybody has said everything that one was thinking of saying. I will make one simple point; I will certainly allow the noble Lord,...

My Lords, I rarely speak in the House. One reason is that, as the noble Lord, Lord Forsyth, pointed out, by the time one gets to speak, everybody has said everything that one was thinking of saying. I will make one simple point; I will certainly allow the noble Lord,...

My Lords, I will address part of the wider context of recent events, particularly the events surrounding Northern Rock. Most of us realise that we are now in the throes—perhaps the very early throes—of a major international financial crisis, which will ensure that the future of credit and of all...

My Lords, I will address part of the wider context of recent events, particularly the events surrounding Northern Rock. Most of us realise that we are now in the throes—perhaps the very early throes—of a major international financial crisis, which will ensure that the future of credit and of all...

My Lords, first, the difference is very important and significant, for reasons that I indicated in my speech and which I will not go over again. Secondly, it is not just up to Mr Sandler to decide what is in the taxpayers’ best interests; it is the responsibility of the...

My Lords, first, the difference is very important and significant, for reasons that I indicated in my speech and which I will not go over again. Secondly, it is not just up to Mr Sandler to decide what is in the taxpayers’ best interests; it is the responsibility of the...