The Treasury has announced that it is to nationalise Northern Rock following an unsuccessful conclusion to protracted takeover talks. Numerous bidders had tried and failed to secure the troubled mortgage lender in recent months, leaving just Northern Rock’s management team and Sir Richard Branson’s Virgin led consortium to submit revised offers for the bank on Friday in the wake of the government’s threat to nationalise the bank unless their offers were improved.
Since neither party could sufficiently improve their offer, the government’s advisor Goldman Sachs has recommended a ‘period of temporary ownership’ which they believe will be in the interests of taxpayers . There will, however, be significant job losses in the north east, but savings will remain secure.
Government to Nationalise Bank
Government to Nationalise Bank
Wed, 20 Feb 2008
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