We are taking the bank into public ownership for a reason that is in the public interest—that is rather different from the ongoing function that the bank performs. That is a different, private banking function, and we want to get the bank into the private sector as rapidly as possible.

We are taking the bank into public ownership for a reason that is in the public interest—that is rather different from the ongoing function that the bank performs. That is a different, private banking function, and we want to get the bank into the private sector as rapidly as possible.

May I tempt my right hon. Friend to see some possible advantages of applying freedom of information to Northern Rock in respect of increasing public confidence in the process? Is it not a fact that section 43 of the Freedom of Information Act specifically exempts commercially sensitive information from the...

May I tempt my right hon. Friend to see some possible advantages of applying freedom of information to Northern Rock in respect of increasing public confidence in the process? Is it not a fact that section 43 of the Freedom of Information Act specifically exempts commercially sensitive information from the...

My hon. Friend makes an important point, but he will recognise that there is a public interest test at the heart of the Freedom of Information Act—and it is right that there should be. It is important that an organisation that needs to function in the commercial markets has some...

My hon. Friend makes an important point, but he will recognise that there is a public interest test at the heart of the Freedom of Information Act—and it is right that there should be. It is important that an organisation that needs to function in the commercial markets has some...

I am extremely grateful to the Minister for giving way. I quite understand what she is saying, but it is extremely important that the public should understand one aspect of this issue. In the technical note that the Chancellor of the Exchequer sent to the hon. Member for Twickenham (Dr....

I am extremely grateful to the Minister for giving way. I quite understand what she is saying, but it is extremely important that the public should understand one aspect of this issue. In the technical note that the Chancellor of the Exchequer sent to the hon. Member for Twickenham (Dr....

The hon. Gentleman cites the technical note, but has not read the subsequent sentence, which clearly states:"““There remain high quality assets on Northern Rock's balance sheet, as well as Granite's.””" It also states:"““It is a commercial decision for Northern Rock whether to provide new mortgage assets to the Granite financing...

The hon. Gentleman cites the technical note, but has not read the subsequent sentence, which clearly states:"““There remain high quality assets on Northern Rock's balance sheet, as well as Granite's.””" It also states:"““It is a commercial decision for Northern Rock whether to provide new mortgage assets to the Granite financing...

Lords amendment No. 2 is basically the same as new clause 2, which was put forward but not reached when the Commons last debated this legislation. Amendment No. 14 was also put forward by the Opposition at that time, and that was discussed. That amendment mentioned provisions to ensure the...

Lords amendment No. 2 is basically the same as new clause 2, which was put forward but not reached when the Commons last debated this legislation. Amendment No. 14 was also put forward by the Opposition at that time, and that was discussed. That amendment mentioned provisions to ensure the...

My hon. Friend makes an important point. There is also, as I understand it, a curious consequence of the way in which the amendment has been drafted. Under the amendment, even after Northern Rock was sent back into the private sector and sold, it would still be subject to the...

My hon. Friend makes an important point. There is also, as I understand it, a curious consequence of the way in which the amendment has been drafted. Under the amendment, even after Northern Rock was sent back into the private sector and sold, it would still be subject to the...

We have listened to 30 minutes of rubbish and waffle from the Minister, and we now have precisely 29 minutes left to scrutinise the House of Lords amendments and to consider the very significant points that were raised in the other place. There is clearly no prospect of this measure...

We have listened to 30 minutes of rubbish and waffle from the Minister, and we now have precisely 29 minutes left to scrutinise the House of Lords amendments and to consider the very significant points that were raised in the other place. There is clearly no prospect of this measure...

I say to the right hon. Gentleman that there are other companies in the public sector that are subject to the Freedom of Information Act. The concern that he has will not arise because there is an exclusion from freedom of information provisions for commercially sensitive information. Let us be...

I say to the right hon. Gentleman that there are other companies in the public sector that are subject to the Freedom of Information Act. The concern that he has will not arise because there is an exclusion from freedom of information provisions for commercially sensitive information. Let us be...

Will my hon. Friend give way?

Will my hon. Friend give way?

Would the hon. Gentleman accept that the freedom of information request would not be made of Ministers, but of people who, in a competitive market, are trying to run Northern Rock to the advantage of the taxpayer? It might well be to the disadvantage of the taxpayer for information to...

Would the hon. Gentleman accept that the freedom of information request would not be made of Ministers, but of people who, in a competitive market, are trying to run Northern Rock to the advantage of the taxpayer? It might well be to the disadvantage of the taxpayer for information to...

I am not entirely sure what I am supposed to withdraw. I am not entirely sure what I said—[Laughter.]

I am not entirely sure what I am supposed to withdraw. I am not entirely sure what I said—[Laughter.]

I am going to make some progress because I do not want to do what the Chief Secretary did and take up all the remaining time. Lords amendment No. 3 would include in the Bill a statutory role for the Office of Fair Trading, which would address a key concern...

I am going to make some progress because I do not want to do what the Chief Secretary did and take up all the remaining time. Lords amendment No. 3 would include in the Bill a statutory role for the Office of Fair Trading, which would address a key concern...

We have had one blessing in disguise, which is that the hon. Member for Runnymede and Weybridge (Mr. Hammond) did not pray in aid the copy of the Financial Times that is on the Dispatch Box before him. I was waiting for him to tell us that he would quote...

We have had one blessing in disguise, which is that the hon. Member for Runnymede and Weybridge (Mr. Hammond) did not pray in aid the copy of the Financial Times that is on the Dispatch Box before him. I was waiting for him to tell us that he would quote...

I am grateful, Mr. Deputy Speaker. If I may quote Winston Churchill again, he said, ““The best speeches come from the heart.”” But if I have unintentionally misled the House, I am happy to—

I am grateful, Mr. Deputy Speaker. If I may quote Winston Churchill again, he said, ““The best speeches come from the heart.”” But if I have unintentionally misled the House, I am happy to—

I am very happy to answer, because the hon. Gentleman has shown his total ignorance of economics as they apply to securitisation. [Interruption.] Yes, he has. That is the nature of a securitisation, and that is the nature of a bond. The hon. Gentleman's failure to understand that demonstrates the...

I am very happy to answer, because the hon. Gentleman has shown his total ignorance of economics as they apply to securitisation. [Interruption.] Yes, he has. That is the nature of a securitisation, and that is the nature of a bond. The hon. Gentleman's failure to understand that demonstrates the...

It is revealing to learn that the hon. Gentleman is an expert not only on matters of faith but on global securitisation. As he has criticised the hon. Member for Twickenham (Dr. Cable) for raising the subject of Granite, perhaps he will expand on the final sentence of the technical...

It is revealing to learn that the hon. Gentleman is an expert not only on matters of faith but on global securitisation. As he has criticised the hon. Member for Twickenham (Dr. Cable) for raising the subject of Granite, perhaps he will expand on the final sentence of the technical...

That is the principle of securitisation. Securitisation has been here for 20 years. If the House wants a lesson on the concept, let me explain that it began with General Motors. Opposition Members have no understanding of what securitisation means, but everything that the hon. Lady has said is right:...

That is the principle of securitisation. Securitisation has been here for 20 years. If the House wants a lesson on the concept, let me explain that it began with General Motors. Opposition Members have no understanding of what securitisation means, but everything that the hon. Lady has said is right:...

I too was present for the Third Reading debate. Can the hon. Gentleman explain this? The technical note states, under the heading ““Control of Granite””:"““The contractual structure of Granite is such that it is effectively controlled by Northern Rock as it continues to service the mortgages in Granite and to...

I too was present for the Third Reading debate. Can the hon. Gentleman explain this? The technical note states, under the heading ““Control of Granite””:"““The contractual structure of Granite is such that it is effectively controlled by Northern Rock as it continues to service the mortgages in Granite and to...

I am very sorry if I used the word ““misleading”” in relation to the speech by the hon. Member for Twickenham and of course I withdraw the remark. I have followed the Opposition most of the evening. They have consistently refused to look any of the arguments in the face...

I am very sorry if I used the word ““misleading”” in relation to the speech by the hon. Member for Twickenham and of course I withdraw the remark. I have followed the Opposition most of the evening. They have consistently refused to look any of the arguments in the face...