UK Chancellor to set out Northern Rock plan

UK Chancellor Alistair Darling will today set out plans to provide British government backing for a private-sector buyout of the stricken Northern Rock bank.

UK Chancellor to set out Northern Rock plan

UK Chancellor Alistair Darling will today set out plans to provide British government backing for a private-sector buyout of the stricken Northern Rock bank.

Under the proposals drawn up by investment bankers Goldman Sachs, the £24bn (€32.2bn) given to the bank in emergency loans by the Bank of England would be converted into bonds to be sold to international investors.

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