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Northern Rock sold to Virgin Money

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Northern Rock sold to Virgin Money

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paulzolo

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Joined: Thu Apr 23, 2009 6:27 pm
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Northern Rock sold to Virgin Money


	Quote: Northern Rock is being sold to Virgin Money for £747m, the government has announced. The bank was nationalised in 2008 following its near collapse at the onset of the global credit crunch. The government subsequently split the bank into two, Northern Rock plc, and Northern Rock (Asset Management), into which was placed its bad debt.

http://www.bbc.co.uk/news/business-15769886


	Quote: BBC business editor Robert Peston said taxpayers had injected £1.4bn into Northern Rock plc. He added that in addition to the immediate £747m the government will get back following the completion of the sale, there is the potential for the Treasury to receive a further £280m over the next few years. "So on paper, taxpayers end up with a loss of somewhere between £400m and £650m," said our business editor.

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Thu Nov 17, 2011 10:51 am

l3v1ck

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Re: Northern Rock sold to Virgin Money

That's a lot of money to lose.

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Thu Nov 17, 2011 9:14 pm

jonbwfc

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Re: Northern Rock sold to Virgin Money

Yep. Drop in the bucket compared to the total that was 'lost' (in fact it wasn't, it was paid to banks) in the credit crunch but well, £500m is an awful lot of libraries and such...

Jon

Thu Nov 17, 2011 10:19 pm

rustybucket

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Joined: Thu Jun 18, 2009 5:10 pm
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Re: Northern Rock sold to Virgin Money

From Dennis Skinner's FB:


	Quote: Gideon Osborne is selling off Northern Rock to Richard Branson at a knock down price, a loss of up to £700 million to the taxpayer. Nice one if you can get it. Shame for the rest of us. "We're all in this together."

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Fri Nov 18, 2011 6:29 am

adidan

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Joined: Thu Apr 23, 2009 9:43 pm
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Re: Northern Rock sold to Virgin Money

No doubt they sold it at a loss to keep jobs up in the North East, although they could have done that by keeping hold of it. Compared to the £40 billion or so we have tied up in other banks it is a drop in the water sadly.

We still have the 'bad debt' part but that is actually profitable at the moment, that may change if they can't dig up any growth from behind the sofa though and people end up defaulting on the mortgages tied up in that arm of NR.

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Fri Nov 18, 2011 8:16 am

Linux_User

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Joined: Tue May 05, 2009 3:29 pm
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Re: Northern Rock sold to Virgin Money

Tories enriching private companies at the expense of the public purse? No, I won't believe it!

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Fri Nov 18, 2011 11:14 am

bobbdobbs

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Re: Northern Rock sold to Virgin Money


	Linux_User wrote: Tories enriching private companies at the expense of the public purse? No, I won't believe it!

Just following the previous administration.
Politician they are all barstewards!

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Fri Nov 18, 2011 11:32 am

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