Banking (Special Provisions) Bill

I beg to move, That the Bill be now read a Second time. As the House knows, the powers in this Bill are necessary to take Northern Rock into a period of temporary public ownership and the Bill is a general one. The reason for its being general is that it contains provisions that could be applicable in other circumstances, but I made it clear yesterday, and I make it clear today, that it is being introduced now only because there is a need to enable the Government to take Northern Rock into that temporary period of public ownership and it is essential that we proceed quickly. The hon. Member for Runnymede and Weybridge (Mr. Hammond) asked why the Bill was urgent. I listened to the Opposition complaining yesterday that we should have introduced this legislation some time ago, so for them now to say that it is not urgent and that we do not need to make any haste seems complete nonsense, although it is in line with the attitude that they have taken on every other aspect of Northern Rock so far. It is an obvious point, but now that the Government have made their intentions clear, it is important that legal ownership and certainty of authority is given to the board as quickly as possible, which is why we need Royal Assent to the Bill—[Hon. Members: ““Why?””] It is because it is impossible to run a bank, let alone any other company, unless it is clear who is in charge of that bank and who is running it—[Interruption.]