Banking (Special Provisions) Bill

No, of course it is not the case. As ever, the hon. Gentleman is trying to have it both ways. People say that the process might take one, two or three years, but as the hon. Gentleman knows well, an administrator cannot take that length of time. Under nationalisation, there is more time. On freedom of information, again the Opposition try to have it both ways. On the one hand, they propose amendment No. 14 on arm's length management. On the other hand, when it comes to the arm's length management provisions in the draft order that relate to the freedom of information powers, which of course do not apply to the private sector, they say, ““Well, the bank is nationalised; it's public sector, so the freedom of information powers should apply.”” That contradicts what they have argued for in terms of arm's length management; they are trying to have it both ways. I understand the criticisms that have been made on the subject of the cost, but my understanding of the Bill as enabling legislation, and Northern Rock's concrete situation, is that one cannot value Northern Rock until a valuation tribunal procedure is completed, pursuant to the powers in the Bill. Even the shadow Chancellor, the hon. Member for Tatton (Mr. Osborne), more or less conceded on Second Reading that the likely valuation of Northern Rock is nil. Of course taxpayers should know what the cost is, but it flies in the face of reality to demand that the Government today reveal the cost of the procedure and of buying out Northern Rock, as though they were sitting on a figure. The reality is that it is likely that the valuation will be close to nil, as the hon. Member for Tatton said, but we cannot tell until the valuation tribunal decides. I say to my right hon. and hon. Friends on the Front Bench that the business framework agreement should be drawn up and revealed as soon as possible, not only because that is right for taxpayers, but to reassure staff and depositors—and, potentially, pensioners, who are the subject of an amendment of mine that was selected but that we did not discuss. Paragraph 6(3) of schedule 1 says:"““Provision made in pursuance of this paragraph may be made by means of modifications of a relevant occupational pension scheme””." I would like reassurance from the Government that there is no intention to modify the Northern Rock pension scheme in a way that adversely affects Northern Rock pensioners and prospective pensioners. I conclude by urging the Government to hurry up with the consultation on tightening the regulation of banking in the United Kingdom, so far as they can. However, I do not want them to make haste, as some seem to want them to do, for the reasons that I gave. Those reasons relate to the Government taking time to explore what could be done with Northern Rock, after that decision was made to support it in September. The uncertainty about UK banking regulation changes, which is recognised by Members on both sides of the House, should not continue longer than is absolutely necessary. The need for changes to banking regulation was revealed by what happened with Northern Rock. I hope that proposals for such changes can be brought before Parliament, if not in the form of primary legislation, then in the form of an indication that the next Queen's Speech will provide for legislation that will change the regulation of banking in the UK to make it even tighter and even more stable, and to prevent another Northern Rock.