(This article appears courtesy of International Financial Law Review, sign up for a free trial on their site)
by Rachel Evans
Granite – Northern Rock’s master trust – has been mislabelled a tax dodge, an asset stripper and a threat to taxpayers. Such statements are inaccurate, naïve and dangerous.
In a late Commons reading of the Banking (Special Provisions) Bill – the government’s emergency legislation to nationalise UK mortgage lender Northern Rock – on Wednesday February 20, Members of Parliament expressed concern about the bank’s master trust securitisations, but failed to ask the right questions.
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