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Northern Rock

Petitions – in the House of Commons at 7:32 pm on 21st January 2009.

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Photo of Peter Atkinson Peter Atkinson Conservative, Hexham 7:32 pm, 21st January 2009

The petition, which is signed by 86 of my constituents, states:

The Petition of small shareholders and supporters of Northern rock of the Hexham constituency in the North East of England,

Declares that it welcomes the acknowledgement by the Government that it must pay compensation for nationalising Northern Rock plc, but that the terms of reference for the valuation of the shares are wrongly based as the company was not in administration and was still a "going concern".

Further declares that if these terms are unchanged there will not be a fair compensation payment which will lead to many in our region having their savings and pensions undermined which in turn will have a negative impact on the North East's economy.

The Petitioners therefore request that the House of Commons calls on the Government to reconsider the terms of reference given to the valuer so that he can fully reflect the true value of Northern Rock shares.

And the Petitioners remain, etc.

[P000298]

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Photo of Sharon Hodgson Sharon Hodgson Labour, Gateshead East and Washington West 7:34 pm, 21st January 2009

I have a petition in a similar vein, which I would like to present to the House on behalf of my constituent Mr. James Pagan and 87 other constituents.

The petition states:

The Petition of small shareholders and supporters of Northern Rock of the Gateshead, East and Washington, West constituency in the North East of England,

Declares that it welcomes the acknowledgement by the Government that it must pay compensation for nationalising Northern Rock plc, but that the terms of reference for the valuation of the shares are wrongly based as the company was not in administration and was still a "going concern".

Further declares that if these terms are unchanged there will not be a fair compensation payment which will lead to many in our region having their savings and pensions undermined which in turn will have a negative impact on the North East's economy.

The Petitioners therefore request that the House of Commons calls on the Government to reconsider the terms of reference given to the valuer so that he can fully reflect the true value of Northern Rock shares.

And the Petitioners remain, etc.

[P000308]

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