Northern Rock plc Compensation Scheme Order 2008

My Lords, these issues are not quite as easily resolved as the noble Baroness suggests. She will appreciate that we have one fixed date for this work—17 March in Brussels, or it may be 16 March but the House will forgive me if I am one day out. However, it will certainly be next week in Brussels, and that will help to dictate the time at which we make public the framework agreement. The noble Viscount, Lord Trenchard, asked me about other aspects that should be made public. I think he will realise that there is a difference between the framework agreement, the business plan and the arrangement with Goldman Sachs. I have just had confirmed to me 17 March as the date in Brussels. The arrangement with Goldman Sachs was a private arrangement between the Government and the company for some very difficult work to be carried out, and I do not see how the noble Viscount can make out that the details of that need to be in the public domain at present. However, it will be appreciated that the Government believe that every arrangement should at some stage be in the public domain, and of course aspects of the Freedom of Information Act will guarantee that in any case. The noble Viscount commented, as did the noble Viscount, Lord Eccles, on the process that the Government followed from last September. Of course the Bank of England carried out due diligence when it was proposing to lend £30 billion of the nation’s money, and a very thorough examination was carried out at that time. It will be recognised that since August last year—in fact, some time before that—the Treasury has been involved in intensive work on Northern Rock. I cannot give him the answer that I owe, first, to my noble friend Lord Barnett about how much detail I am able to identify on due diligence. If the House thought that the Government had entered into this enterprise with such significant national resources without being involved in due diligence on the survey of Northern Rock’s condition, that would be greatly underestimating the Government; they will be able to stand that test on any occasion when it presents itself. On Question, Motion agreed to.