Treasury confirms guarantees for reborn Northern Rock

The UK Treasury has confirmed it will continue to guarantee Northern Rock's liabilities after the government-owned lender is restructured on January 1.

The restructuring follows good bank/bad bank lines: the new Northern Rock will take over the retail and wholesale deposits, and the dormant mortgage business, while the existing mortgage book and the residual Granite securitisations will be managed by the relict institution, renamed Northern Rock (Asset Management) (NRAM). Retail deposits at the

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