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 Gerald Howarth Gerald Howarth Shadow Minister (Defence) 8:00 pm, 21st February 2008

I am extremely grateful to the Minister for giving way. I quite understand what she is saying, but it is extremely important that the public should understand one aspect of this issue. In the technical note that the Chancellor of the Exchequer sent to Dr. Cable, it is mentioned that Northern Rock sold about half of its mortgage assets to Granite between 1999 and 2007. The note explains that Northern Rock will have an obligation to top up in the event that some of those assets are redeemed. Are the public not entitled to know whether some of the best assets of Northern Rock can be siphoned out of the company into Granite, thereby diminishing the value of the taxpayer's investment?