Banking (Special Provisions) Bill

Part of the debate – in the House of Lords at 12:15 pm on 21st February 2008.

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Photo of Lord Davies of Oldham Lord Davies of Oldham Deputy Chief Whip (House of Lords), HM Household, Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords) 12:15 pm, 21st February 2008

The noble Lord must accept that my original answer encompassed this concept, but I will spell it out in more detail. Dolerite was a securitisation structure similar to Granite. It was used by Northern Rock to fund its commercial mortgage book. All bonds under that structure have now been redeemed. Therefore, Dolerite is entirely irrelevant to Northern Rock. As I cannot be any more explicit than that, I hope the noble Lord will forgive me.