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 George Osborne George Osborne Shadow Chancellor of the Exchequer 7:45 pm, 21st February 2008

Before the right hon. Lady moves off that point, I point out that it has emerged that Northern Rock has a subsidiary based in the Channel Islands that takes offshore deposits. Are we to own a nationalised bank that operates in the Channel Islands and takes offshore deposits?