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Northern Rock: Compensation

Volume 494: debated on Friday 19 June 2009

To ask the Chancellor of the Exchequer when he expects to announce (a) the valuation of suspended shares in Northern Rock and (b) arrangements for the compensation for shareholders; and if he will make a statement. (280789)

Following a competitive process, the Treasury announced last September that it had appointed Andrew Caldwell, Valuations Partner at BDO Stoy Hayward, as independent valuer to assess any compensation that may be payable to those affected by the transfer of the shares in Northern Rock to the Treasury.

The valuer is currently conducting the valuation exercise to determine the value of the shares in Northern Rock in accordance with the Northern Rock Compensation Scheme Order 2008 and will conclude the task as soon as practicable. The valuer is independent and is responsible for his own process and timing. Further information about the valuation process can be found on the independent valuer's website at:

www.northernrockvaluer.org.uk