NORTHERN ROCK PAYOUTS

That this House notes with concern the recent reports in The Guardian newspaper that Northern Rock will pay around 270,000 to its former finance director, Jim McConville, following the sale of the nationalised bank to Virgin Money; understands that this payout will be made through a long-term incentive plan, put in place in April 2010; further notes that this information was only revealed after a Freedom of Information request to UK Financial Investments, the body that looks after the bailed-out banks, after it attempted to block details of the payout; and believes that, in light of the serious loss to the taxpayer arising from the sale of Northern Rock, the Government should make this payment an integral part of the value-for-money investigation currently being conducted by the National Audit Office.