Rock proposal heading to Lords

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

MPs voted by a margin of 126 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 there is little doubt 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".

The Government's plans may hit a hiccup, however, if peers approve an amendment - tabled by Tories and Liberal Democrats - which would make the Rock subject to Freedom of Information legislation.

The Treasury argues it should be exempted in order to put it on the same footing as other commercial banks, and to avoid the expense of employing the lawyers and officials needed to check requests for information and ensure that individuals' financial details are not exposed.

Conservative leader David Cameron called for the Chancellor to be sacked by the end of the week, but Prime Minister Gordon Brown voiced his support for Mr Darling at the first Cabinet meeting since the nationalisation decision was announced.

And there were calls for the Rock's new £90,000-a-month executive chairman Ron Sandler to make clear that he will pay UK tax on all his income, after the BBC claimed that he benefits from "non-domiciled" status.

The expected completion of the Bill's passage through Parliament later this week will allow an independent arbiter to be appointed to work out the value of the Rock's stock and make an offer of compensation to shareholders.

Mr Darling told MPs that this valuation would be based on the worth of the bank without the billions of pounds in government loans and guarantees which have been propping it up - vastly reducing the potential price of the shares.