I have a petition from the Northern Rock shareholders of my constituency—[Interruption.]

Order. A petition is being presented. Will hon. Members who are leaving do so quickly and quietly so that we can proceed?

I have a petition from the shareholders of my constituency. They are asking for a fair contribution from the Government and a fair share of the shares that they lost when Northern Rock was taken over and nationalised.

Following is the full text of the petition:

[The Petition of small shareholders and supporters of Northern Rock of the Blyth Valley constituency in the North East of England,

Declares that it welcomes the acknowledgement by the Government that it must pay compensation for nationalising Northern Rock plc, but that the terms of reference for the valuation of the shares are wrongly based as the company was not in administration and was still a ‘going concern’.

Further declares that if these terms are unchanged there will not be a fair compensation payment which will lead to many in our region having their savings and pensions undermined which in turn will have a negative impact on the North East's economy.

The Petitioners therefore request that the House of Commons calls on the Government to reconsider the terms of reference given to the valuer so that he can fully reflect the true value of Northern Rock shares.

And the Petitioners remain, etc.

[P000307]

I have a similar petition, signed by nearly 200 of my constituents who are concerned that they may not receive a fair valuation for their shares in Northern Rock.

The petition states:

The Petition of small shareholders and supporters of Northern Rock of the Sunderland South constituency in the North East of England,

Declares that it welcomes the acknowledgement by the Government that it must pay compensation for nationalising Northern Rock plc, but that the terms of reference for the valuation of the shares are wrongly based as the company was not in administration and was still a ‘going concern’.

Further declares that if these terms are unchanged there will not be a fair compensation payment which will lead to many in our region having their savings and pensions undermined which in turn will have a negative impact on the North East’s economy.

The Petitioners therefore request that the House of Commons calls on the Government to reconsider the terms of reference given to the valuer so that he can fully reflect the true value of Northern Rock shares.

And the Petitioners remain, etc.

[P000310]