Sunday, Feb 22, 2009
The 'good' zombie
Guardian: Rock to be reborn as a 'good bank'
Plans were being drawn up this weekend to transform Northern Rock into a "good bank" by injecting up to £10bn into the state-owned lender and hiving off its existing mortgage book. As the government tried to thrash out the terms of an insurance scheme for Royal Bank of Scotland that could involve the troubled bank issuing non-voting shares, attempts were also being made to turn Northern Rock back into a major player in the mortgage market.
Posted by quiet guy @ 02:52 AM (399 views) Add Comment
3 Comments
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1. paul said...
And how you ask will Northern Rock become a major mortgage market player in the current credit climate?
Who will buy the subrpime debt that Northern Rock holds?
The Bank of England, by the time honoured and well-respected Zimbabwean strategy called "Print more moohney!"
2. Si1 said...
this is fubar and will only result in long long term ongoing house price declines, a disfunctional domestic lending system, and laxadaisical long-term economy. It's punishing the 'real' good banks who didn't get involved in this mess.
woopie-do.
3. P. Riddy said...
Ah, the power of the memory hole and doublespeak. Orwell was a GENIUS!! Viva la ministry of TRUTH!!