Virgin Bank Costs High
Published / Last Updated on 26/09/2008
Virgin ‘Bank’ Costs High
Virgin Money has confirmed plans to become a “fully fledged bank” as the Treasury stated its bid for Northern Rock was rejected because it would have cost tax payers £2bn.
The treasury has revealed its adviser Goldman Sachs said a private takeover would have left the taxpayer footing up to £2bn whereas nationalisation would leave the taxpayer subsidising Northern Rock by between £450m and £1,28bn.
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