Newspaper article Evening Gazette (Middlesbrough, England)

MPs Backing for Rock Bill

Newspaper article Evening Gazette (Middlesbrough, England)

MPs Backing for Rock Bill

Article excerpt

Byline: By JEZ DAVISON

LEGISLATION to nationalise stricken Newcastle lender Northern Rock is passing to the House of Lords today, after it was rushed through the Commons in a single day.

MPs voted by a margin of 126 in the early hours of this morning to approve the temporary public ownership for the ailing bank, unveiled dramatically on Sunday by Chancellor Alistair Darling.

Conservatives voted against nationalisation, but with Liberal Democrat support it is likely the Banking (Special Provisions) Bill will pass through the Upper House, allowing it to become law by the end of this week.

Mr Darling defended his decision to rush the legislation through Parliament, telling MPs it was impossible to run a bank unless it was clear "who is in charge".

But concerns were voiced over the treatment of Granite, a major part of the bank which takes the best mortgages and resells the debt. It is understood Granite will securitise the best assets of the bank but will not be taken into public ownership. …

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