Northern Rock Building Society

EDM number 573 in 1996-97, proposed by Gerry Steinberg on 24/02/1997.

That this House is appalled at the policy of the management of the Northern Rock Building Society who, since the announcement of their intention to float on the Stock Market, have held both their borrowers and investors to ransom by charging above average interest rates on investment accounts safe in the knowledge that huge numbers of their customers are trapped in their respective accounts in fear of missing out on conversion shares; furthermore notes that they doubled the Government's one quarter point base rate rise to their borrowers on 1st January, which they have now reversed by a cut of one fifth of a point, which has resulted in a cost to the typical Northern Rock borrower of ú30, which should be repaid; and is not surprised that the Northern Rock has one of the worst reputations in the industry.

This motion has been signed by a total of 28 MPs.