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Northern Rock

Volume 474: debated on Thursday 3 April 2008

To ask the Chancellor of the Exchequer what distinct payments have been made by the Bank of England to Northern Rock in each of the last five years; and on what date each amount was transferred between the parties. (166508)

To ask the Chancellor of the Exchequer what range of estimates of the potential level of support required by Northern Rock were provided to his Department by (a) Northern Rock, (b) the Financial Services Authority and (c) the Bank of England prior to the agreement to provide financial support. (183920)

[holding answer 1 February 2008]: Information provided on Northern Rock’s financial position by the company itself, the Financial Services Authority or the Bank of England remain commercially confidential, and in some cases would be covered by statutory restrictions on disclosure under the Financial Services and Markets Act 2000. The provision of liquidity support by the Bank of England as lender of last resort was addressed in HM Treasury's statement of 14 September 2007 and in subsequent statements. The provision of additional facilities by the Bank of England, in respect of which HM Treasury provided an indemnity, was addressed in HM Treasury's statement of 11 October 2007 and in subsequent statements.