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