Rocky Northern Rock??

shown73

I just caught the tail end of a news report on German tv, which was, I think, saying that the British govt was giving up on NR, and an American bank was throwing in the towel also. Not quite sure what it was about exactly, but if the news comes on again, I'll update. I haven't kept up with the sorry saga, as I have no vested interest, but I know it's a hot topic on here, hence my post.

Steve_xx

Reports say former Lloyd's boss will manage Northern Rock if nationalized

5 hours ago
LONDON - The British government has tapped former Lloyd's insurance boss Ron Sandler to head Northern Rock PLC if the troubled mortgage lender is nationalized, according to media reports Saturday.
Sandler's reported recruitment fuels speculation that the government has given up on finding a private buyer for the stricken bank, whose share value collapsed in September after it revealed it had sought emergency funding from the Bank of England.
"In the event that the bank is taken into public ownership, then I would go in on day one as executive chairman," Sandler said in comments carried on the Daily Telegraph's website. "But I should stress that this is only in the event that the company is taken into public ownership.... You should consider this as contingency planning."
The announcement that Northern Rock had sought emergency funding sparked the country's first bank run in a century and cut the value of its shares by more than 90 per cent.
The government has sought to rescue the bank while keeping it in private hands, but a turbulent money market has turned off many potential bidders. So too has the size of the bank's debts - the Bank of England has reportedly extended $51 billion in credit to Northern Rock since problems with subprime mortgages led to a drying up of its usual borrowing sources.
On Thursday, Treasury chief Alistair Darling acknowledged it might not be possible to find a private buyer for Northern Rock. The Treasury refused to address the media reports Saturday, saying only that all options were on the table.
Northern Rock shares closed at$1.70 on the London Stock Exchange on Friday. A year ago, they were trading above $21.50

bristolleedsfan

up to the minute Northern Rock News feed here.

http://www.newsnow.co.uk/newsfeed/?name=Northern+Rock

other interesting newsfeeds as well.

http://www.newsnow.co.uk/newsfeed/?name=Banking+%28UK%29

http://www.newsnow.co.uk/newsfeed/?name=Business+%28UK%29

http://www.newsnow.co.uk/newsfeed/?name=Personal+Finance

http://www.newsnow.co.uk/newsfeed/?name=Leeds+United :cheesy:

harryhound

Thanks bristolleedsfan for highlighting this useful news service.
I've book marked it.

My thoughts on the future of NR are here:

http://forums.moneysavingexpert.com/showthread.html?p=7646245

Harry.