BRADFORD AND BINGLEY

That this House notes the decision by the Financial Services Authority to revoke Bradford and Bingley's deposit-taking licence and the consequent decision by the Government to bring Bradford and Bingley into public ownership; further notes that as a consequence of demutualisation there are many subordinate debt holders and former shareholders, for many of whom this investment represented a substantial portion of their life savings; further notes with concern the decision to cease payment of interest on the subordinate debt; calls on the Government to review this decision; further notes the decision to appoint an independent valuer for the shares; and further calls on the Government to ensure that the valuer's terms of reference will allow a fair valuation for former shareholders.