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Article: Why this valuable prize should go to a newcomer

Article from:
The Independent (London, England)
Article date:
October 29, 2009
Author:
Copyright

Analysis

IF ANYONE had described Northern Rock as the "belle of the ball" two years ago, they would have been laughed off stage. But after all the junk has been carved out of it, with the help of a 27bn dowry from the taxpayer, that is what it will be.

Even with the EU-imposed constraints on new mortgage lending (which will apply to whoever the new owner is) and even if the state guarantee on savings deposits doesn't apply to deposits with a new owner, Northern Rock offers a solid foundation from which to build a new bank.

Government sources say a key aim of the sell-off - which ministers would like to get away in principle before a forthcoming general election - will be that the new owner ...

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