Clause 6 — Transfer of property, rights and liabilities

Part of Delegated Legislation – in the House of Commons at 7:45 pm on 21st February 2008.

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Photo of Yvette Cooper Yvette Cooper The Chief Secretary to the Treasury 7:45 pm, 21st February 2008

As we have repeatedly made clear, it would not be appropriate for Ministers to take decisions about individual products offered by Northern Rock. It is right that Ron Sandler should put forward his business plan, and that will obviously need to be approved by the Government as the shareholder in Northern Rock. Equally, as part of that process, we need to ensure, as we approve that business plan and have discussions with the EU, that we do not have unfair competition. It may well be that the European Commission will set out particular conditions on Northern Rock's operation, and, of course, we will have to ensure that Northern Rock complies with them.