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Northern Rock

Volume 699: debated on Monday 3 March 2008

asked Her Majesty's Government:

What were the agreement or agreements between Northern Rock and the Jersey-based trust, Granite, that led to the latter's foundation; and [HL2110]

Who are the trustees of Granite or where their names may be found; and [HL2111]

Who are the organisations represented by the trustees of Granite. [HL2112]

This information is publicly available in the full Granite prospectus on the Northern Rock website http://companyinfo.northernrock.co.uk/treasury/securitisation/mortgages.asp.

The prospectus sets out the contractual agreement between Northern Rock and the Granite securitisation vehicle.

Banks and building societies often use securitisation vehicles as a source of financing.

A copy of the letter to Dr Vincent Cable MP clarifying the relationship between Northern Rock and Granite has been placed in the House Library.