asked Her Majesty's Government:

Further to the Written Answer by Lord Davies of Oldham on 20 March (WA 65), whether the effect of the arrangements between Northern Rock plc, the Whinstone special purpose vehicles and the Granite special purpose vehicles is that any losses that arise in the Granite vehicles will eventually be borne by Northern Rock plc. [HL2813]

Northern Rock plc has no obligation to make good any losses to the Granite bondholders and the bondholders have no recourse to the assets on Northern Rock's own balance sheet. The Whinstone transactions do not affect that situation.

asked Her Majesty's Government:

How many employees of Northern Rock were made redundant between 21 February and 31 March. [HL2948]

During the period of temporary public ownership, Northern Rock will be managed by its board on commercial principles. It is a matter for Northern Rock to release specific business updates or provide any required disclosures in its audited annual report and accounts. I refer the noble Lord to the Chancellor's Statement to the House of Commons on 18 March.