Banking (Special Provisions) Bill

Part of the debate – in the House of Lords at 1:45 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) 1:45 pm, 21st February 2008

I hear what the noble Lord says. However, these reports were for the purposes of the two organisations concerned with the bids. As I have indicated, they do not meet our auditing requirements. The amendments are concerned with the 2007 accounts and the audit of Northern Rock in the future.

The noble Lord, Lord Oakeshott, raised what promises to be the spectre at our feast today—the issue of Granite. I reiterate that Northern Rock sold some of its assets to Granite and so it no longer belongs to Northern Rock. No new assets have been transferred to Granite since September 2007. The taxpayers' exposure continues to be secured by high-quality assets that belong to Northern Rock. The whole of our consideration, therefore, has been about Northern Rock and not about Granite because nothing has transferred to Granite—as I have reiterated time and again to the Committee—since September 2007.