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UK bank Northern Rock to be nationalised

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Sunday, February 17, 2008

Queues formed outside Northern Rock branches in September 2007 as savers rushed to withdraw their money.
Image: Dominic Alves.

Troubled U.K. bank Northern Rock is to be nationalised, the first such move since the 1970s. The Treasury made the decision after a long period of uncertainty which began in September 2007 when it was revealed that the bank had approached the Bank of England, as lender of last resort due to problems raising funds in the money markets.

The move means that bids from Virgin Group and a proposal for a management buyout have been rejected. In a statement by Alistair Darling, Chancellor of the Exchequer, said that "in current market conditions, we do not believe that they deliver sufficient value for money for the tax-payer".


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This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.
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