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| Version 14 | Version 15 |
|---|---|
| Deadlock over Northern Rock bill | Deadlock over Northern Rock bill |
| (20 minutes later) | |
| Peers' demands for extra safeguards in the bill to nationalise Northern Rock have been thrown out by MPs. | Peers' demands for extra safeguards in the bill to nationalise Northern Rock have been thrown out by MPs. |
| The Banking (Special Provisions) Bill now returns to peers who must decide whether to insist on their amendments. | |
| Both Houses could be kept sitting all night as ministers try to get the bill onto the statute book by Friday. | |
| The Commons rejected peers' amendments calling for an independent audit of the bank and for it to come under Freedom of Information laws. | |
| MPs overturned calls for an independent audit by 277 votes to 167 and for the bank to be brought under the Freedom of Information Act by 268 votes to 171. | MPs overturned calls for an independent audit by 277 votes to 167 and for the bank to be brought under the Freedom of Information Act by 268 votes to 171. |
| They were kept back beyond the usual Thursday finish time of 1830 in an attempt to try to get the emergency bill approved. | |
| It paves the way for a session of Parliamentary "ping pong", where measures bounce between the Commons and the Lords. | It paves the way for a session of Parliamentary "ping pong", where measures bounce between the Commons and the Lords. |
| The government should have nothing to fear from the truth Lord HuntConservatives What is Granite?Darling hits back over Rock trust | The government should have nothing to fear from the truth Lord HuntConservatives What is Granite?Darling hits back over Rock trust |
| A key battleground is Conservative and Lib Dem peers' decision to defeat the plan to exempt Northern Rock from Freedom of Information laws. | A key battleground is Conservative and Lib Dem peers' decision to defeat the plan to exempt Northern Rock from Freedom of Information laws. |
| In the Commons Treasury chief secretary Yvette Cooper said it would not be right to publish "detailed commercial sensitive information" on Northern Rock and accused the Conservatives of "playing games" over a serious issue. | In the Commons Treasury chief secretary Yvette Cooper said it would not be right to publish "detailed commercial sensitive information" on Northern Rock and accused the Conservatives of "playing games" over a serious issue. |
| But in the Lords Conservative peer Lord Hunt said it was "imperative" that there was sufficient transparency and accountability over Northern Rock's operations as "its directors' salaries and bonuses will be paid out of taxpayers' funds". | But in the Lords Conservative peer Lord Hunt said it was "imperative" that there was sufficient transparency and accountability over Northern Rock's operations as "its directors' salaries and bonuses will be paid out of taxpayers' funds". |
| Independent audit | Independent audit |
| He added: "The government should have nothing to fear from the truth." | He added: "The government should have nothing to fear from the truth." |
| Peers also voted by 154 votes to 142 for an amendment requiring the Bank of England to carry out an audit of the bank after three months in public ownership, then at least annually. | Peers also voted by 154 votes to 142 for an amendment requiring the Bank of England to carry out an audit of the bank after three months in public ownership, then at least annually. |
| "There are very important reasons why there needs to be an independent audit by a firm of auditors who are not associated with the previous regime," said Lib Dem frontbencher Lord Oakeshott. | "There are very important reasons why there needs to be an independent audit by a firm of auditors who are not associated with the previous regime," said Lib Dem frontbencher Lord Oakeshott. |
| "There are very serious concerns now in the City about the last interim report - the last published report - we have seen from Northern Rock on June 30 last year." | "There are very serious concerns now in the City about the last interim report - the last published report - we have seen from Northern Rock on June 30 last year." |
| But Lord Davies, for the government, said it was "vital" in the interests of eventually returning the bank to private ownership, "that we dot no apply inappropriate public sector requirements". | But Lord Davies, for the government, said it was "vital" in the interests of eventually returning the bank to private ownership, "that we dot no apply inappropriate public sector requirements". |
| "The Treasury is the public authority subject to the act and its relationship with Northern Rock as shareholder and lender will be in the public domain." | "The Treasury is the public authority subject to the act and its relationship with Northern Rock as shareholder and lender will be in the public domain." |
| The government says the bank's audited annual accounts will be published after an independent audit, by the end of March. | The government says the bank's audited annual accounts will be published after an independent audit, by the end of March. |
| A third amendment requiring the Office of Fair Trading to report annually to Parliament on the nationalisation's impact on competition in the UK's banking market, was rejected without a vote. | A third amendment requiring the Office of Fair Trading to report annually to Parliament on the nationalisation's impact on competition in the UK's banking market, was rejected without a vote. |