[holding answer 22 February 2008]: The Government have assessed the likely effect of temporary public ownership of Northern Rock on holders all of Northern Rock's debt securities. Northern Rock has no public debt securities which are callable by holders in the ordinary course.
(2) when HM Treasury first consulted (a) the Bank of England and (b) the Financial Services Authority on the proposals for the Banking (Special Provisions) Bill; what subsequent consultations took place; on what dates consultations took place; and when each institution was first sent a draft of the Bill;
(3) on what date HM Treasury officials commissioned drafting of the Banking (Special Provisions) Bill from Parliamentary Counsel.
[holding answer 22 February 2008]: Treasury officials undertook a range of contingency planning work in response to the events of September 2007 concerning Northern Rock, which included the development of possible legislative options. The Bank of England and the Financial Services Authority were involved in that work, including preparation of contingency legislation, and the Chancellor was kept informed throughout.
During this period of temporary public ownership, Northern Rock is managed by its board at arm's length from Government on commercial principles.
As the Chancellor said in a statement to Parliament on 18 February 2008, the framework agreement on the relationship between the Government and Northern Rock will be published shortly.