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Northern Rock

Treasury written question – answered on 29th November 2011.

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Photo of Chris Leslie Chris Leslie Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer if he will publish the contractual arrangements made for the retention of (a) branches and (b) jobs in the sale of Northern Rock.

Photo of Mark Hoban Mark Hoban The Financial Secretary to the Treasury

The deal is expected to complete on 1 January 2012, pending European Commission (EC) merger clearance and Financial Services Authority (FSA) approval.

As the transaction has not yet been completed, the Government are bound by confidentiality agreements and are unable to release or publish information regarding the sale process. The Government will consider what information regarding the Northern Rock sale process will be disclosed following the completion of the transaction.

Virgin Money has made a number of commitments in its announcement about Northern Rock on 17 November. These are public commitments which are made in writing by Virgin Money.

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