Government reverses Rock defeats

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The Banking (Special Provisions) Bill has gone back to the Lords, throwing down the gauntlet to peers to give way or stand firm.

In the first vote, the Government overturned a Lords defeat requiring Northern Rock to be subject to a Bank of England audit within three months of coming into public ownership. Voting was 277 to 167, majority 110.

In a second vote, the Government overturned a Lords defeat to bring the nationalised Northern Rock within the scope of the Freedom of Information Act. Voting was 268 to 171, majority 97.

A third defeat - requiring the OFT to report on the impact of NR's nationalisation on the competitiveness of the banking sector - was overturned without a vote after Treasury chief secretary Yvette Cooper offered a compromise.

Ms Cooper disclosed that the Government had held further discussions with the OFT and the Government recognised that NR should not "enjoy inappropriate unfair competition" with other banks or building societies.

It had been agreed that the OFT will publish an annual report assessing any competitive implications of the public support to NR. The OFT also had powers to "step in at any time".

In a rowdy sitting - extended to try to get the Bill onto the statute before the end of the week - Ms Cooper said it would not be appropriate to publish "detailed commercial sensitive information" on Northern Rock.

Accusing the Tories of "playing games" over a serious issue, she said NR would produce fully audited annual accounts and the Government would shortly publish a framework document setting out the operating arrangements between the bank and the Government.

Shadow Treasury chief secretary Philip Hammond complained that MPs and the public were being sold "a pig in a poke".