Northern rock and payment break...

devils_advocate

The taxpayer hasnt loaned £2k each to Northern Rock. That was BBC misrepresentation as they used figures which assumed the Govt would have to pay out in worst case scenario.

You're right - it was rubbish, especially as the BBC didn't say that.

What they did say was that the loans to NR, plus the guarantees to NR's creditors were now being guaranteed by the Treasury. The BBC put the value of this package at £56bn.

However it still remains that there is £20bn plus in loans to NR still outstanding. Or do you think that NR can continue in its current form, dunstonh? I think that its dead in the water, and the only thing that keeps it going is the artificiality of the life support from the government.

dunstonh

The bit on BBC I saw showed a crowd of people walking with a £2000 tag above their heads with a narrative indicating that the NR issue has cost taxpayers £2000 each so far.

As you can see from other posts on this forum, the £2000 "cost" has stuck in the minds of the posters.

That £2000 only applies if it all goes belly up with no recovery from assets.

Or do you think that NR can continue in its current form, dunstonh?

Of course it cannot and the longer it takes to find a buyer the more likely it is going to be nationalised.