Printer Friendly

Bank rescued by taxpayers set to be sold again.

NORTHERN ROCK is to be sold to raise about pounds 1bn, Chancellor George Osborne has revealed.

The Chancellor made the announcement in a speech at London's Mansion House in which he also said he would force banks to ring-fence retail from investment banking.

Mr Osborne said banks must be set up so their High Street branches and savings and loans would not be damaged if their trading units ran into trouble.

The separation of the functions of major banks was recommended by the Independent Commission on Banking.

The auction of Northern Rock is expected to raise about pounds 1bn, which is less than the pounds 1.4bn the government injected into the bank.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2011 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:South Wales Echo (Cardiff, Wales)
Date:Jun 16, 2011
Previous Article:Cash help for elderly; NEWS IN BRIEF.
Next Article:REVIEW; Avenue Q, Wales Millennium Centre.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters