Downing Street Says » Northern Rock

» Monday, November 26, 2007

Northern Rock

Asked about the proposed Virgin deal to buy Northern Rock, the PMS said that as the Treasury had been making clear, this was still an early point in the process. In any case, Northern Rock – not the Treasury, was leading on this, negotiations were still taking place and it was not the confirmed bid. The PMS said the Chancellor had set out three priorities for any resolution of the Northern Rock issue in his statement last week. Firstly, the need to protect the taxpayer, secondly, the need to protect depositors and thirdly, the need to ensure wider financial stability. The Treasury had been making clear that they backed the Virgin bid on the grounds that it met those three principles, but the PMS stressed that it was an ongoing commercial negotiation that was still at an early stage.

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