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Northern Rock

Volume 475: debated on Friday 9 May 2008

To ask the Chancellor of the Exchequer when he plans to issue an invitation to tender for the role of independent valuer in relation to Northern Rock; when he expects to appoint an independent valuer; and when the independent valuer will be required to report to him. (204552)

The position of independent valuer to assess any compensation for those affected by the transfer of Northern Rock into public ownership will be advertised shortly. The valuer's remit is set out in the Northern Rock plc Compensation Scheme Order 2008. Under the order the independent valuer does not report to the Treasury (beyond copying to the Treasury any compensation assessment notices that he or she issues).