Northern Rock

Debate between Mark Hoban and Michael Fallon

Monday 21st November 2011 Commons Chamber

[Mr Hoban]

It is a matter for Virgin Money and Northern Rock Foundation to discuss. Virgin Money has said as part of its agreement to acquire the business that it will extend existing arrangements to the end of 2013. It is keen to work closely with Northern Rock Foundation so that it can continue its excellent work in the north-east and Cumbria.

[Michael Fallon (Sevenoaks) (Con)]

The big plus here is that from January we will have a strong challenger retail bank. Will my hon. Friend assure me that in taking forward the Vickers proposals, he will get on with creating other challenger banks, not least as alternative sources of support for small businesses?

[Mr Hoban]

My hon. Friend is right. From 1 January we will see a strong challenger on the high street from a business that has a reputation for taking on incumbents and offering a better deal for consumers. That is one of the great attractions of Virgin Money in this transaction. We want to take more action to improve competition on the high street. We are working closely with challenger banks to find ways of removing barriers of entry to the market so that they can grow their market share. One of the Government’s key commitments is to improve competition on the high street for both business and retail customers.

Finance Ministers’ Meeting (Ireland)

Debate between Mark Hoban and Michael Fallon

Wednesday 17th November 2010 Commons Chamber

[Mr Hoban]

I want just to reiterate—to correct the right hon. Gentleman—that no formal request has been received from the Irish for assistance.

[Michael Fallon (Sevenoaks) (Con)]

Irrespective of our obligations under the new European mechanism, which the Labour Chancellor agreed, will my hon. Friend confirm that there is a strong British national interest in securing a stable banking system on both sides of the Irish sea?

[Mr Hoban]

My hon. Friend is absolutely right. We have strong economic ties with Ireland, which is one of our biggest trading partners. Our economies are closely interlinked, and it is therefore in our national interest to ensure that the Irish economy and banking system are stable.