NORTHERN ROCK FOUNDATION

That this House fully recognises the widespread popularity of and respect for the work of the Northern Rock Foundation, which once received 5 per cent. but has used 1 per cent. of pre-tax profits from Northern Rock Plc in recent years to disburse millions to deserving causes in the North East and Cumbria; notes that the Foundation has made over 3,700 grants and supported nearly 2,000 different organisations over the last 13 years; further notes that an independent study by the Centre for Effective Philanthropy shows the Foundation is viewed as exemplary; deeply regrets that Ministers have so far failed to make retention of the Foundation a condition of the sale of Northern Rock but have taken refuge in the vague aspiration that bidders may keep the Foundation beyond December 2012; and urges Ministers to toughen their stance so that the Foundation can continue to play a pivotal role in the Big Society in the North East and Cumbria.