Northern Rock

Nicholas Dakin Excerpts

Monday 21st November 2011 Commons Chamber

[Mr Hoban]

My hon. Friend is absolutely right. If we measure this deal against the values at which other banks are trading at the moment, it is very clear that it is good value for money for the taxpayer. Rather than carping and criticising, Labour Members should welcome the fact that at a difficult time for the global economy we have been able to sell Northern Rock and get such good value for money.

[Nic Dakin (Scunthorpe) (Lab)]

Has the Financial Services Authority expressed a view on the use of £240 million of Northern Rock’s own money by the buyers for the purchase of this scheme?

[Mr Hoban]

As I said earlier, the FSA will go through its normal process of approving the transfer and sale of this business.