BusinessCompany NewsRock nationalisation bill passes through parliament

Rock nationalisation bill passes through parliament

The nationalisation of Northern Rock is going ahead after emergency legislation passes through parliament

The nationalisation of Northern Rock can now be formalised after emergency
legislation permitting troubled banks to be taken into public ownership was
accepted by MPs and peers yesterday.

Opposition parties abandoned their attempt to make the bank subject to
freedom of information laws, ending fears of a prolonged battle, according to
The
Press Association
.

When an extended bout of parliamentary toing and froing appeared inevitable,
the upper chamber ended the stand-off and the banking (special provisions) bill
was granted Royal Assent.

Ministers must now secure approval for an order specifically transferring the
bank to public ownership, using the new powers.

Further reading:

Big Four firms vie for Rock valuation deal

NAO to probe government’s Rock rescue

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