Northern Rock is to be nationalised after the House of Lords backed down on its demands for additional checks on the bank.
The Banking (Speciali Provisions) Bill was sent back to the Commons because of concerns over Freedom of Information laws and auditing procedures. However, MPs rejected peers' demands and the Lords agreed to back down late on Thursday. The bill has now been given royal assent after MPs voted 277 to 167 against independent audits of the banks and 268 to 171 to exempt the bank from Freedom of Information laws. The Government says Northern Rock’s annual accounts will be published by the end of March, following an independent audit. If you would like to comment on this story, contact: John ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
