Northern Rock

House of Lords written question – answered on 1st April 2008.

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Photo of Lord Barnett Lord Barnett Labour

asked Her Majesty's Government:

Further to the Written Answer by Lord Davies of Oldham on 13 March (WA 253) regarding Granite, whether any net surplus on a winding up would accrue to Northern Rock.

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)

The mortgage assets sold by Northern Rock to Granite are held in a trust. On a winding up of this trust, any net surplus would accrue to Northern Rock.

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