Financial Markets

My Lords, on the last point, Nationwide will act on the basis of commercial opportunity. That is its judgment; it is nothing to do with the Government, because Nationwide is not proposing to avail itself of government funds. On the merger, the noble Lord is right to point to the difficulties, which are apparent to the whole House. The Government want the merger to take place because it would strengthen the institutions concerned. However, the noble Lord cannot expect us to underwrite the situation if the merger does not take place. We are spelling out the exact terms between the two institutions. The availability of the money depends on the merger.