1-2 of 2 results for subject:Granite
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Turner, Andrew
Type
House
Session
Year
Department
Member
Primary member
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Turner, Andrew (2)
Answering member
Legislative stage
Legislation
Subject
Publisher
The 2006 annual report says that Granite’s"““ultimate controlling party is Northern Rock””."
Did the Government nationalise Granite or did they forget?
The 2006 annual report says that Granite’s"““ultimate controlling party is Northern Rock””."
Did the Government nationalise Granite or did they forget?
Asked by
Andrew Turner
(Conservative)
Answering body
Treasury
Oral questions - 1st Supplementary
Status
Answered
Answered on
6 March 2008
No, as we have made repeatedly clear, Northern Rock has been taken into temporary public ownership; Granite has not. It is the case that Northern Rock has significant control over Granite, because it sets the mortgage rates and decides whether to sell mortgages to Granite, and it set up Granite solely for the purpose of raising finance for mortgage lending by Northern Rock, so there is a clear commercial relationship between them. However, the hon. Gentleman seems to be proposing that we should effectively buy out the Granite bond holders. That would not be sensible for the taxpayer and could lead to considerable taxpayer costs.
Subjects
Nationalisation; Northern Rock; Granite
Date
6 March 2008
Reference
472 c1898;472 c1896
Chamber / Committee
House of Commons chamber
House
House of Commons
What Northern Rock's relationship with Granite is; and if he will make a statement.
What Northern Rock's relationship with Granite is; and if he will make a statement.
Asked by
Andrew Turner
(Conservative)
Answered by
Yvette Cooper
(Labour)
Answering body
Treasury
Oral questions - Lead
Status
Answered
Tabled on
3 March 2008
For answer on
6 March 2008
Answered on
6 March 2008
Northern Rock set up Granite as a separate company structure for the sole purpose of raising finance for mortgage lending by Northern Rock. The commercial relationship between them reflects that. Other banks have set up similar securitisation arrangements.
Subjects
Northern Rock; Granite
Date
6 March 2008
Reference
472 c1898;472 c1986; 191843
Chamber / Committee
House of Commons chamber
House
House of Commons