The Month in Review

Troubled UK lender Northern Rock was nationalised as the government ruled that a private sector takeover bid was not in the best interests of taxpayers. The government said that bid proposals from the Virgin Group and Northern Rock's own management team were inefficient as they involved a payment below the market rate to the government for continuation of its guarantee arrangements. It is believed the lender will remain in public ownership for at least two years (see News focus, page 4).


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