GOVERNMENT TAKES NOTHERN ROCK INTO TEMPORARY OWNNERSHIP

The Government has today decided to bring forward legislation that will enable Northern Rock plc to be taken into a period of temporary public ownership. The Government has taken this decision after full consultation with the Bank of England and the Financial Services Authority. The Government’s financial adviser, Goldman Sachs, has concluded from a financial point of view that a temporary period of public ownership better meets the Government’s objective of protecting taxpayers.

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