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Northern Rock

Treasury written question – answered on 8th May 2008.

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Photo of Mark Hoban Mark Hoban Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer what estimate he has made of the costs incurred by (a) Virgin, (b) Olivant and (c) Northern Rock's management team in connection with their bids for Northern Rock which will be reimbursed to them by (i) Northern Rock and (ii) the Treasury.

Photo of Kitty Ussher Kitty Ussher Economic Secretary, HM Treasury

holding answer 26 February 2008

Reimbursement of bidding related costs by Northern Rock to bidders is a commercial matter between them. HM Treasury has no plans to reimburse the costs in question.

Figures for costs of advisers incurred by Northern Rock on its own behalf and for other parties in 2007 were included in their published accounts for 2007:

http://companyinfo.northernrock.co.uk/downloads/2007_annual_report.pdf.

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