On the Office of Public Sector Information website there has been published the Banking (Special Provisions) Act 2008 (the Act). The purpose of the Act is to enable the Government to take action to secure the continued stability of the UK financial system and to protect the public interest where financial assistance has been provided to a UK deposit-taker.
There has also been published the Northern Rock plc Transfer Order 2008 (SI 2008/432) (the Order) together with an Explanatory Memorandum. The Order transfers into public ownership all the shares in Northern Rock plc. It also extinguishes all share options and other entitlements to shares in Northern Rock plc. The Order was made under section 2(2)(b) of the Act. The Order is the first order made under the Act and, in particular, in exercise of the power under section 3 of the Act to transfer securities. By virtue of section 2(8) of the Act, the power is only exercisable for a period of one year from the passing of the Act.
View Banking (Special Provisions) Act 2008, (PDF 141KB), 22 February 2008
View The Northern Rock plc Transfer Order 2008 (SI 2008/432), (PDF 59.7KB), 22 February 2008
View Explanatory Memorandum - The Northern Rock plc Transfer Order 2008 (SI 2008/432), (PDF 40.3KB), 22 February 2008,