Northern Rock set on road to private hands
Source: Agencies |
February 25, 2010, Thursday
|
Print Edition
Print Edition
THE British government said yesterday that it will withdraw unlimited guarantees for depositors in Northern Rock in May as another step to prepare for the mortgage lender's return to private ownership.
Northern Rock was the first British casualty of the global credit crisis, nearly collapsing before being saved by the government in February 2008.
From May 24, deposits of up to 50,000 pounds (US$77,000) will be guaranteed by the Financial Services Compensation Scheme, the same as for other British banks.
On January 1, Northern Rock was split into two companies: Northern Rock Plc, the retail operation; and Northern Rock (Asset Management) Plc, which holds the old company's riskiest assets and will not be accepting deposits or making new loans. The asset management company will remain in government ownership.
The government has not announced a date for returning Northern Rock to private ownership.
Northern Rock Plc has assets of nearly 40 billion pounds.
Northern Rock was the first British casualty of the global credit crisis, nearly collapsing before being saved by the government in February 2008.
From May 24, deposits of up to 50,000 pounds (US$77,000) will be guaranteed by the Financial Services Compensation Scheme, the same as for other British banks.
On January 1, Northern Rock was split into two companies: Northern Rock Plc, the retail operation; and Northern Rock (Asset Management) Plc, which holds the old company's riskiest assets and will not be accepting deposits or making new loans. The asset management company will remain in government ownership.
The government has not announced a date for returning Northern Rock to private ownership.
Northern Rock Plc has assets of nearly 40 billion pounds.
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