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

The hon. Gentleman cites the technical note, but has not read the subsequent sentence, which clearly states:

"There remain high quality assets on Northern Rock's balance sheet, as well as Granite's."

It also states:

"It is a commercial decision for Northern Rock whether to provide new mortgage assets to the Granite financing vehicle or whether to allow the vehicle to run-off in an orderly way."