Northern Rock Saga Continues
Published / Last Updated on 27/12/2007
Chief executive
During a recent interview, Bryan Sanderson, chief executive of Northern Rock said its fate is unlikely to be resolved until January. They currently owe the Bank of England £25bn and is considering takeover bids from Olivant and a consortium led by Virgin Group.
The Government came under more pressure to resolve the crisis, as David Cameron, Conservative Party leader said that state ownership of the bank is looking increasingly likely. Whilst Vince Cable, acting leader of the Liberal Democratic Party believes that nationalisation was the least worse answer.
Our view
We suggest the position will continue until well in February or March 2008. Watch this space.
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