Northern Rock Bill Gets Royal Assent After Peers Back Down

[Legal Beagles]

The transfer of Northern Rock to public ownership has been completed after Chancellor Alistair Darling signed off its nationalisation.

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[Amethyst]

Re: Northern Rock Bill Gets Royal Assent After Peers Back Down

Northern Rock Bill Becomes Law

Updated:11:40, Friday February 22, 2008
The transfer of Northern Rock to public ownership has been completed after Chancellor Alistair Darling signed off its nationalisation.

N Rock gets Royal Ascent

He was able to make the order shortly after Parliament approved emergency legislation to allow such ailing financial institutions to be taken over by the state.
Downing Street confirmed that Ron Sandler, the City troubleshooter chosen by the Government to head the new operation was now in place.
Gordon Brown's spokesman said: "Ron Sandler has formally taken up his position. He will appoint his board and conduct his strategic review."
MPs have 40 sitting days to lodge an objection to the nationalisation order.
Earlier, there had been a bitter Parliamentary "ping pong" between MPs and the House of Lords ended with peers backing down.
The Lords had threatened to delay nationalisation by voting for three amendments to the Government's Banking (Special Provisions) Bill and sending them back to the Commons.