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Northern Rock

Volume 475: debated on Friday 16 May 2008

To ask the Chancellor of the Exchequer (1) what progress has been made in appointing a valuer as laid down in the draft Northern Rock plc Compensation Scheme Order 2008; (205538)

(2) when he will appoint a valuer as laid down in the draft Northern Rock plc Compensation Scheme Order 2008.

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.

To ask the Chancellor of the Exchequer with reference to the statement by the Exchequer Secretary to the Treasury in the Delegated Legislation Committee on the draft Northern Rock plc Compensation Scheme Order on 11 March 2008, Official Report, column 7, what timetable has been set for the completion of the valuation of Northern Rock. (205614)

We will of course wish to ensure that the valuer is suitably qualified and resourced to undertake his assessment of the amount of any compensation effectively and expeditiously. The valuer must, however, be independent and so the Government cannot prescribe a timetable.