Northern Rock sells £2.2bn of mortgages

Northern Rock said today it has agreed to sell £2.2bn (€2.9bn) of its mortgage assets to a US investment bank.

Fri, 11 Jan, 2008 - 09:42

Northern Rock said today it has agreed to sell £2.2bn (€2.9bn) of its mortgage assets to a US investment bank.

The troubled lender said it would use the funds, which represent 2% of the bank’s total assets, to reduce the £25bn (€33bn)-plus of emergency loans from the Bank of England.

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