Northern Rock bill gets approval (UK failed bank is nationalized)

[rumpel]

BBC News

The bill to allow Northern Rock bank to be nationalised has become law after peers backed down in their demands for extra safeguards.

The Banking (Special Provisions) Bill, which cleared the Commons on Tuesday, ran into opposition in the Lords.

But MPs rejected peers' demands for an independent audit, and for the bank to come under Freedom of Information laws.

The Conservatives said it was a matter of "deep regret" that ministers had rejected the amendments "out of hand".

A third amendment requiring the Office of Fair Trading to report annually to Parliament on the impact on competition in the UK's banking market, was rejected without a vote by MPs, after ministers offered a compromise.

http://news.bbc.co.uk/1/hi/uk_politics/7255834.stm

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