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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

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.