Northern Rock and Banking Reform

I agree with much of the hon. Gentleman's careful analysis. He made the point that ultimately we do not know the quality of the asset book, but he suggested that the fact that Northern Rock was being very aggressive in relation to arrears was somehow a reflection of poor security. It may actually be a reflection of good market practice; it may be ensuring that it protects its interests. That may reflect well on its approach for the future—a subject that I am sure he will come to later in his speech.