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Northern Rock (1)
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My Lords, I thank the Minister for that Answer. As he will recall, however, on 14 January he addressed your Lordships' House on the same subject and informed us that £150 billion-worth of assets were available in Northern Rock and that the amount of government liability was but a fraction against that; it was said at the time to be £56 billion. Since then, as he will be aware, we have had references to Granite and to Dolerite. Note 22 of the recently signed 2006 accounts for Northern Rock lists 23 companies performing the same function. Would he therefore like to say the same thing again today—that he is still comfortable that the liability is but a fraction? It sounds as though the liabilities are now a fraction of the guarantee.
My Lords, I thank the Minister for that Answer. As he will recall, however, on 14 January he addressed your Lordships' House on the same subject and informed us that £150 billion-worth of assets were available in Northern Rock and that the amount of government liability was but a fraction against that; it was said at the time to be £56 billion. Since then, as he will be aware, we have had references to Granite and to Dolerite. Note 22 of the recently signed 2006 accounts for Northern Rock lists 23 companies performing the same function. Would he therefore like to say the same thing again today—that he is still comfortable that the liability is but a fraction? It sounds as though the liabilities are now a fraction of the guarantee.
Asked by
Lord James of Blackheath
(Conservative)
Oral questions - 1st Supplementary
Status
Answered
Answered on
26 February 2008
Not so, my Lords. As was made clear in both Houses in the debate last week on Northern Rock, Dolerite does not exist and the guarantees do not extend to Granite. The guarantees extend to Northern Rock and its assets. Its assets are secure and outweigh its liabilities.
Subjects
Assets; Liability; Government guaranteed credit; Northern Rock
Date
26 February 2008
Reference
699 c553
Chamber / Committee
House of Lords chamber
House
House of Lords