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Article: & as bank's [pounds sterling]53bn black hole is revealed.
- Article from:
- Daily Mail (London)
- Article date:
- November 23, 2007
CopyrightCOPYRIGHT 2007 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Duncan Robertson
NORTHERN Rock has a [pounds sterling]53billion black hole in its finances, it emergedlast night Although the bank has total assets of [pounds sterling]113billion, nearly half ofthis is already owned by a separate offshore company.
This Jersey-based trust owns 70 per cent of the bank's mortgage portfolio, sothis money cannot be used as collateral.
It vastly reduces the pool of cash North- ern Rock needs to pay back the[pounds sterling]26billion it borrowed from the taxpayer.
Chancellor Alistair Darling has ...