Downing Street Says » Northern Rock

» Tuesday, February 19, 2008

Northern Rock

Asked what the Northern Rock discussion was about, the PMS said it was initiated by words of support by the Prime Minister for all of the work that the Chancellor had been doing, which was strongly supported by the rest of the Cabinet. There then followed a general update following on from the statement yesterday.

Asked if people would see the paper setting out the relationship between Northern Rock and the Government, the PMS said that that was something for Northern Rock, for example the composition of the Board was something that Ron Sandler would be making an announcement on in the next few days.

Asked who in Government would have ultimate control over Northern Rock, the PMS replied that the Chancellor was the Minister responsible for issues relating to Northern Rock going forward.

Asked if the Prime Minister was happy with the BBC’s coverage of Northern Rock, the PMS said that was something that was best for him not to comment on.

Asked if there was any legal requirement to get the nationalisation measures through this week, the PMS said that the Board could not formally come into existence until the legislation had been passed through, so the sooner it was passed, the better. That was why there had been an effort to get it through this week. As Harriet Harman was saying yesterday, it was the Government’s expectation that the legislation would reach royal ascent during the course of this week.

Asked for guidance on when people could expect a valuation on share prices, the PMS told people to check with the Treasury on the matter.

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