Downing Street Says » Northern Rock

» Monday, January 14, 2008

Northern Rock

Asked where we were in relation to the Goldman Sachs’ report, the PMS replied that it was best to check with the Treasury. More generally, the Treasury was continuing to work hard to find a solution that protects the interests of the taxpayers, the depositors and maintains wider financial stability. As he was saying this morning, all options remained under consideration, but as the Chancellor said in an interview this morning, a private sale continues to remain the preferred option.

Asked what the Prime Minister’s position was on the shareholders, and did he feel that they merited some sort of protection, the PMS replied that this was a situation that arose because of the particular business model that the management of Northern Rock chose to adopt. That was the reason they got into the difficulty they did following the consequences of what happened in the US financial markets. We had also said that our objectives were to protect the interests of taxpayers, depositors, and to maintain our financial stability.

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