Downing Street Says » Northern Rock

» Friday, February 22, 2008

Northern Rock

Asked if Northern Rock was now publicly owned, the Prime Minister’s Spokesman (PMS) replied that, as journalists knew, Royal Assent had been obtained last night. The Treasury had now laid the necessary orders, that were previously available in draft on their website, and Ron Sandler had now formally taken up his position; he would now appoint his board and conduct his strategic review.

Put that Ron Sandler’s comment about Northern Rock being in public ownership for some years actually meant at least five years, the PMS said that he was not aware that Ron Sandler had made reference to a specific number of years and that he had not seen anybody else interpret Ron Sandler’s comment in the way the journalist had suggested. When the Chancellor was asked this at the weekend he made clear that it depended very much on market conditions.

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