Darien II

A way! me lads, ye shud a' seen us gannin
Rapidly up the Scotswood Road with our pockets full of GRANITE

At Northern Rock's heart is Granite, a £45bn securtisation program though which mortgages are parcelled up and sold to investors. Under "substitution clauses" in Granite, investors can call in their loans if maturing mortgages are not replaced with new ones. Therefore Granite bondholders will have first call on those realised assets and not the tax payer

The Banking (special provisions) Bill does not propose nationalising Granite
.