Treasury questions

Chancellor Alistair Darling has insisted that the government is in "no hurry" to sell off the most profitable part of Northern Rock.

At Commons Treasury questions on 3 November, Mr Darling told MPs that assets would not be sold until the "price offered is right" and the taxpayer got its money back.

The EU has approved the splitting of the Newcastle-based lender into a "good" bank - which would hold savers' money, some existing mortgages and lend new mortgages - and a much larger "bad" bank, which would hold the majority of the loans.

Mr Darling also said he wanted to ensure that Northern Rock customers were treated in a similar way no matter which part their money was in.

Liberal Democrat spokesman Vince Cable asked: "Why is the government coming forward now with this proposal, which runs the risk of a premature sale getting very, very bad value for money for the taxpayer?"

Mr Darling replied: "We are not in a hurry to sell at all. Indeed we will not sell these assets in relation to Northern Rock until the price that is offered is right, that we get our money back."