Clause 6 — Transfer of property, rights and liabilities

Part of Delegated Legislation – in the House of Commons at 8:00 pm on 21st February 2008.

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Photo of Yvette Cooper Yvette Cooper The Chief Secretary to the Treasury 8:00 pm, 21st February 2008

Let me finish this point. The hon. Gentleman has repeatedly made completely inaccurate, nonsense points, not simply about Granite but about the overall relationship to Northern Rock, so much so that today's Financial Times said:

"The argument...put forward by the Conservatives" on Granite

"was roundly dismissed on Wednesday by City experts...Analysts said this showed a basic misunderstanding of how securitisations worked."

The hon. Gentleman has today made a series of completely incorrect claims about the legal status of Northern Rock, which suggests a misunderstanding not simply of securitisations but of UK law.