asked Her Majesty's Government:

Whether (a) HM Treasury and (b) the Bank of England have been involved in the decisions of the new management of Northern Rock on interest rates to be offered to depositors since public ownership; and how these rates have changed. [HL2196]

As I have previously informed the House, on agreement of its business plan by HM Treasury, Northern Rock will be managed on arms' length terms, as a commercial entity, by a newly appointed experienced and professional management team. As I set out in my previous Statements, it would be inappropriate for Northern Rock to compete unfairly on the back of government support.

Any change of saving rates Northern Rock undertakes is available through the company's usual communication channels: website, branches and call centres.