Downing Street Says » Northern Rock

» Friday, December 14, 2007

Northern Rock

Asked whether the Government accepted that the private sale process had run its course, the PMS replied that he would not accept the premise of the question. Negotiations with Virgin and Olivant were still ongoing. The Government’s preferred position was a private sale, but of course as the Chancellor had said, nothing would be ruled out. The principles that had guided the Government’s approach to Northern Rock, were set out by the Chancellor in his House of Commons statement a couple of weeks ago and the key priorities were around protection of depositors, protection of the taxpayer’s interest and the impact on wider financial stability.

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