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

Can we be clear? That is not an accurate description of the relationship between Granite and Northern Rock; it is simply not true to say that Granite has a call on the assets of Northern Rock in that way and is, as my hon. Friend put it, sucking out mortgages from the bank. That is not the structural or the contractual relationship between Granite and Northern Rock. I draw the attention of Members to the letter that has been circulated, which my right hon. Friend the Chancellor has put in the Library, and which provides greater clarity on that detail.

I am conscious of the fact that many issues need to be raised. There is an important question about freedom of information that I need to cover as part of this debate.