To ask Her Majesty's Government further to the Written Answer by Lord Myners on 5 February (WA 139), whether the continuation of the previous consent of the European Commission to the rescue of Northern Rock has taken full account of the decision to allow Northern Rock to resume active mortgage lending. [HL1489]
The previous consent of the European Commission to the rescue of the bank under its competition rules continues while the European Commission is considering Northern Rock's restructuring. Treasury officials have informed the European Commission of the decision to allow Northern Rock to resume active mortgage lending and remain in close contact with the European Commission.
During this period of temporary public ownership, Northern Rock is managed by its board at arm's length from the Government on commercial principles. It is a matter for the company's management to release specific business updates or provide any required disclosures in their audited annual report and accounts.
Northern Rock published its 2008 report and accounts on 3 March 2009, which set out details of remuneration for senior management of the company. A copy of the report has been laid in the Library of the House.