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1 Apr 2009 : Column 309WH—continued
The hon. Gentleman pressed me about whether lessons would be learned. He may take some encouragement from the fact that the National Audit Office report published about a fortnight ago that covered some of our previous problems, starting with Northern Rock and Bradford & Bingley, made the point that lessons learned from the experience with Northern Rock were applied in the case of Bradford & Bingley. I hope that he will take encouragement from that that lessons for the future are being learned from these incidents.
Mr. MacNeil: I am grateful to the Minister for giving way; he has been generous. Does he believe that Dunfermline customers should be treated in the same way as existing Nationwide customers? For example, should they be able to access lower-rate mortgages of around 2.5 per cent. as opposed to 5.49 per cent., especially when the base rate is 0.5 per cent? Will there be parity of esteem and treatment for new Nationwide customers from the Dunfermline?
Mr. Timms: That is a matter for the Nationwide, and I am not aware of the commercial terms that it is offering to its new customers. We know that the Dunfermline brand will be kept separate, which is important because Dunfermline depositors will enjoy separate cover from the FSCS for their Dunfermline accounts, as well as for their Nationwide accounts if they have both. We certainly expect Nationwide to treat its new customers fairly, but precisely what terms it will offer to new customers is a matter for the Nationwide.
5.11 pm
Sitting adjourned without Question put (Standing Order No. 10(11)).
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