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Bradford and Bingley

Volume 498: debated on Monday 26 October 2009

To ask the Chancellor of the Exchequer what compensation has been provided to shareholders of (a) Bradford and Bingley and (b) Northern Rock (i) on average per shareholder and (ii) in total; and if he will make a statement. (295893)

To date, no compensation has been paid to former shareholders of Northern Rock and Bradford and Bingley. The amount of compensation payable is to be determined by independent valuers in accordance with the Northern Rock plc Compensation Scheme Order 2008 and Bradford & Bingley plc Compensation Scheme Order 2009.

The Northern Rock and Bradford and Bingley independent valuers (Andrew Caldwell, Valuations Partner at BDO Stoy Hayward, and Peter Clokey of PricewaterhouseCoopers LLP, respectively) are both currently conducting the valuation exercises and will conclude their tasks as soon as practicable. Both valuers are independent and responsible for their own process and timing. Further information can be found on the independent valuers' websites at:

www.northernrockvaluer.org.uk

www.bandbvaluer.org.uk