To ask Her Majesty’s Government whether, in any future sale or disposal of Northern Rock, they will impose as a condition that the Northern Rock Foundation should continue to receive long-term financial support from the bank at least to the level currently required.

To ask Her Majesty’s Government whether, in any future sale or disposal of Northern Rock, they will impose as a condition that the Northern Rock Foundation should continue to receive long-term financial support from the bank at least to the level currently required.

To ask the Chancellor of the Exchequer what the policy of UK Financial Investments Ltd is on funding the Northern Rock Foundation after April 2011.

To ask the Chancellor of the Exchequer what the policy of UK Financial Investments Ltd is on funding the Northern Rock Foundation after April 2011.

My Lords, I am grateful to the noble Baroness for rephrasing it in those terms—it has not always been expressed by opposition spokesmen in quite those terms in public print. However, I accept what she says and the answer, which I have already given, is straightforward: the taxpayer is not...

My Lords, I am grateful to the noble Baroness for rephrasing it in those terms—it has not always been expressed by opposition spokesmen in quite those terms in public print. However, I accept what she says and the answer, which I have already given, is straightforward: the taxpayer is not...

My Lords, it is not for the Opposition to answer such questions, but we have never suggested that the inclusion of Northern Rock’s liabilities properly in the Government’s accounts would lead to either tax increases or expenditure cuts. We are asking the Government to report honestly on the effects of...

My Lords, it is not for the Opposition to answer such questions, but we have never suggested that the inclusion of Northern Rock’s liabilities properly in the Government’s accounts would lead to either tax increases or expenditure cuts. We are asking the Government to report honestly on the effects of...

My Lords, these issues are not quite as easily resolved as the noble Baroness suggests. She will appreciate that we have one fixed date for this work—17 March in Brussels, or it may be 16 March but the House will forgive me if I am one day out. However, it...

My Lords, these issues are not quite as easily resolved as the noble Baroness suggests. She will appreciate that we have one fixed date for this work—17 March in Brussels, or it may be 16 March but the House will forgive me if I am one day out. However, it...

My Lords, during the passage of the Bill, the Minister used the words ““as rapidly as possible”” in relation to the framework agreement. Indeed, he implied that it might even be available before the Bill completed its passage through the House and then retracted from that. I do not understand...

My Lords, during the passage of the Bill, the Minister used the words ““as rapidly as possible”” in relation to the framework agreement. Indeed, he implied that it might even be available before the Bill completed its passage through the House and then retracted from that. I do not understand...

My Lords, I am a member of the Merits Committee and, as it happens, of the Delegated Powers Committee. I do not intend to speak on the points made by either of those committees but shall start with a general point on this order. In the Explanatory Memorandum, and indeed...

My Lords, I am a member of the Merits Committee and, as it happens, of the Delegated Powers Committee. I do not intend to speak on the points made by either of those committees but shall start with a general point on this order. In the Explanatory Memorandum, and indeed...

My Lords, I am grateful to all noble Lords who contributed to the debate. As my noble friend Lord Desai indicated, we are covering some ground that we have traversed in the not too distant past. I accept entirely the cricketing analogy used by the noble Viscount, Lord Eccles, with...

My Lords, I am grateful to all noble Lords who contributed to the debate. As my noble friend Lord Desai indicated, we are covering some ground that we have traversed in the not too distant past. I accept entirely the cricketing analogy used by the noble Viscount, Lord Eccles, with...

My Lords, whenever we discuss Northern Rock it is like Groundhog Day in that the same questions and assumptions turn up. People are desperate to understand what happened. For me it is straightforward. Had there been any chance of making Northern Rock work, sooner or later a private company would...

My Lords, whenever we discuss Northern Rock it is like Groundhog Day in that the same questions and assumptions turn up. People are desperate to understand what happened. For me it is straightforward. Had there been any chance of making Northern Rock work, sooner or later a private company would...

My Lords, I am also grateful to the Minister for the opportunity to debate this order. I agree very much with what my noble friend Lady Noakes and the noble Lord, Lord Newby, have said, so I will be brief. I would like to make one or two additional points....

My Lords, I am also grateful to the Minister for the opportunity to debate this order. I agree very much with what my noble friend Lady Noakes and the noble Lord, Lord Newby, have said, so I will be brief. I would like to make one or two additional points....

My Lords, the discussion so far has rightly concentrated on paragraph 6 of the order before us. I cannot match the erudition of the noble Baroness, Lady Noakes, on the definitions used in that paragraph, but, surely the reality those words reflect is that without government intervention Northern Rock would...

My Lords, the discussion so far has rightly concentrated on paragraph 6 of the order before us. I cannot match the erudition of the noble Baroness, Lady Noakes, on the definitions used in that paragraph, but, surely the reality those words reflect is that without government intervention Northern Rock would...

My Lords, I thank the Minister for introducing this order. We are not allowed to debate the main order which took Northern Rock into public ownership because the Government rejected the wise advice of the Delegated Powers Committee and insisted on the use of the negative procedure which means that...

My Lords, I thank the Minister for introducing this order. We are not allowed to debate the main order which took Northern Rock into public ownership because the Government rejected the wise advice of the Delegated Powers Committee and insisted on the use of the negative procedure which means that...

rose to move, That the draft order laid before the House on 22 February be approved. The noble Lord said: My Lords, the draft order is made under Section 5 of the Banking (Special Provisions) Act 2008, which was passed last month. Under the provisions of that Act and of...

rose to move, That the draft order laid before the House on 22 February be approved. The noble Lord said: My Lords, the draft order is made under Section 5 of the Banking (Special Provisions) Act 2008, which was passed last month. Under the provisions of that Act and of...

Draft Northern Rock plc Compensation Scheme Order 2008. Lords debate on a motion to approve. Agreed to on question.

Draft Northern Rock plc Compensation Scheme Order 2008. Lords debate on a motion to approve. Agreed to on question.

To ask the Chancellor of the Exchequer if he will ensure that the guaranteed funds for the Northern Rock Foundation will go to funding arts and heritage projects.

To ask the Chancellor of the Exchequer if he will ensure that the guaranteed funds for the Northern Rock Foundation will go to funding arts and heritage projects.

Statement on Northern Rock.

Statement on Northern Rock.

As I said in reply to the hon. Member for Ryedale (Mr. Greenway), it would be a profound mistake to remove the guarantees that we have put in place. Those guarantees ensure the stability of the bank. They also protect individual savers. Removing them is not the right thing to...

As I said in reply to the hon. Member for Ryedale (Mr. Greenway), it would be a profound mistake to remove the guarantees that we have put in place. Those guarantees ensure the stability of the bank. They also protect individual savers. Removing them is not the right thing to...

In his hat trick of humiliating statements, the Chancellor has told us that he is accepting the proposal in order to protect taxpayers. If that is the case, what independent assessment has the Treasury undertaken of the quality of the loan book? A year ago Northern Rock was writing mortgage...

In his hat trick of humiliating statements, the Chancellor has told us that he is accepting the proposal in order to protect taxpayers. If that is the case, what independent assessment has the Treasury undertaken of the quality of the loan book? A year ago Northern Rock was writing mortgage...

My Lords, I have not gone into the detail of Ron Sandler's travelling expenses or anything such as that, but I can assure noble Lords that the remuneration that has been cited is intended to be the remuneration for the job that he is being asked to do. On the...

My Lords, I have not gone into the detail of Ron Sandler's travelling expenses or anything such as that, but I can assure noble Lords that the remuneration that has been cited is intended to be the remuneration for the job that he is being asked to do. On the...

My Lords, I am sure that when he reads Hansard, the Minister will want to revisit the answer he has just given to the noble Lord, Lord Lawson, on the question of compensation. It appeared to be at odds with the Statement. I am happy to give the Minister a...

My Lords, I am sure that when he reads Hansard, the Minister will want to revisit the answer he has just given to the noble Lord, Lord Lawson, on the question of compensation. It appeared to be at odds with the Statement. I am happy to give the Minister a...