Part of the debate – in the House of Commons at 3:56 pm on 20 January 2009.
My right hon. Friend is absolutely right. No effective due diligence was exercised, and we have to ensure that, as the Government get involved more deeply with the bank, they conduct an effective independent audit of the quality of the assets they propose to underwrite, so that the insurance they propose to put in place can be properly and fairly priced.