General Chat

Well, well,

Northern Rock is to be sold off to a single buyer.

From the Daily Mail........

"The auction of Northern Rock is expected to raise about £1bn, which is less than the £1.4bn the government injected into the bank, although not all of it is to be sold.

The former mutual has been split into a "good bank", containing customers' savings and about 70 branches, and a "bad bank" containing the more toxic loans.

The former is set to be sold, while the latter will continue to be owned by the Treasury."

So as well as losing a small fortune we'll be getting all the bad loans etc.............. :-S

They will probably do the same thing with the RBS and Lloyds/ Bank Of Scotland telling us that they can't sell them at market price as no one would buy them........... someone will be making a killing but not the taxpayer.

Of course they won't sell them off before all the PPI repayments have been made by the taxpayer funded banks.
Remeber the PPIs, they were the insurance policies that the banks made a lot of their profits on before divying up the huge bonuses.

..................where are all those bonuses now ?

It's the stripped down bank that's being offered for sale. 'We' the tax payer will still receive the interest from the old NR mortgages until they are finished. Forecasts are that 'we' will recoup the bail out funds.