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Northern Rock: Republic of Ireland

Volume 475: debated on Friday 9 May 2008

To ask the Chancellor of the Exchequer what discussions he has had with the board of Northern Rock bank on the future of the bank’s Republic of Ireland operations. (204628)

During this period of temporary public ownership, Northern Rock is managed by its board at arm’s length from Government on commercial principles.

Northern Rock published a business plan on 31 March 2008. The Chancellor of the Exchequer has approved the business plan and has placed a copy in the Library of both Houses. In the business plan, the Board announced that they would retain their savings operation in the Republic of Ireland.

To ask the Chancellor of the Exchequer what the budgeted financial balance of Northern Rock Bank (Ireland) is for the financial year 2008-09. (204630)

During this period of temporary public ownership, Northern Rock is managed by its board at arm’s length from the Government on commercial principles. It is a matter for the company’s management to release specific business updates or provide any required disclosures in their audited annual report and accounts.