Banking (Special Provisions) Bill

Opposition Members may say that they are not in favour of a fire sale of the assets, but that would be exactly the consequence of putting Northern Rock into administration. Creditors would have claims on collateral that would be triggered by insolvency; assets would need to be sold, and the bank would be rapidly wound down. That would not be in the interest of taxpayers. Members in all parts of the House should recognise that the purpose of the Bill is to protect the interests of taxpayers. I think that that is responsible, and it is something that the Government consider important.