interestrateripoff Report post Posted December 27, 2010 http://www.guardian.co.uk/business/2010/dec/25/northern-rock-sold-bidding-war Northern Rock is expected to be sold for around £1.5bn next year as the government takes its first step towards extricating itself from the banks it rescued during the financial meltdown of 2008.The sale will spark a bidding war between potential buyers, including Richard Branson's Virgin Money, Tesco and JC Flowers, the private equity group. But a "populist" stock market flotation to lure private investors has not been ruled out either. Disposals of government stakes in Lloyds Banking Group and Royal Bank of Scotland are planned for 2012-14 in a series of privatisations that ministers hope will create a "feelgood" factor ahead of the next general election. UK Financial Investments, which looks after the taxpayer stakes in bailed-out banks, will shortly conduct a "beauty parade" to appoint an investment bank to advise on the best way to maximise returns from the Rock. City sources believe a deal could be done in the first half of 2011, although cautioned it is by no means certain that such a timetable could be achieved and will depend on the appetite of potential bidders and market conditions. The investment bank appointed will have to consider how to best generate profits for the taxpayer through a sale, flotation or other opportunities that may arise. Surely the investment bank will be considering how best to line it's own pocket at taxpayers expense? Can't wait for the bidding war to commence..... Quote Share this post Link to post Share on other sites
porca misèria Report post Posted December 27, 2010 http://www.guardian.co.uk/business/2010/dec/25/northern-rock-sold-bidding-war Surely the investment bank will be considering how best to line it's own pocket at taxpayers expense? Can't wait for the bidding war to commence..... Don't forget, there were bidders for NR when it first went down. Some of them seem to be the same as expected now. If Tescos, Branson, or Flowers can introduce better competition and shake up the sector then bring it on! Quote Share this post Link to post Share on other sites
MrFlibble Report post Posted December 27, 2010 Can't wait for the bidding war to commence..... Is it going on eBay? I've a tenner ready Seriously though, that must mean the HPC is now viewed as over since the banks have successfully goosed us all and have sound balance sheets to support them being sold off. Or is the taxpayer still on the hook for all that toxic overpriced crap people call a 'home'? Quote Share this post Link to post Share on other sites
SarahBell Report post Posted December 27, 2010 How much do we need to get for it? Quote Share this post Link to post Share on other sites
Peter Hun Report post Posted December 27, 2010 http://www.guardian.co.uk/business/2010/dec/25/northern-rock-sold-bidding-war Surely the investment bank will be considering how best to line it's own pocket at taxpayers expense? Can't wait for the bidding war to commence..... It seems the main purpose is to ensure the coalition gets re-elected, not the best return for the taxpayer. Quote Share this post Link to post Share on other sites
crash2006 Report post Posted December 27, 2010 It seems the main purpose is to ensure the coalition gets re-elected, not the best return for the taxpayer. how much has it cost us? i guess they'll sell it for less, someones going to profit from this. Quote Share this post Link to post Share on other sites
northwestsmith2 Report post Posted December 27, 2010 Northen Rock plc = good bank, Northern Rock (Asset Management) plc = bad bank. Northern Rock plc has no tax payer loans and is for sale with a banking licence. Quote Share this post Link to post Share on other sites
Bloo Loo Report post Posted December 27, 2010 Northen Rock plc = good bank, Northern Rock (Asset Management) plc = bad bank. Northern Rock plc has no tax payer loans and is for sale with a banking licence. what..a full one....they didnt have the full kit and caboodle when egghead was in charge...it was part of the reason it collapsed...so he said. Quote Share this post Link to post Share on other sites
northwestsmith2 Report post Posted December 27, 2010 (edited) what..a full one....they didnt have the full kit and caboodle when egghead was in charge...it was part of the reason it collapsed...so he said. I thought they had everything, loans, forex, CFD, acting as principal , issuing securities etc. This lays out what Gosforth who became good bank and Northern rock who became NRAM agreed on. “ACo” means Northern Rock plc, company registered number 03273685; “BCo” means Gosforth Subsidiary No.1 plc, company registered number 06952311; The business being transferred by the Order will be transferred from Northern Rock plc to Gosforth Subsidiary No.1 plc. However, the intention is for Northern Rock plc to be renamed Northern Rock (Asset Management) plc and for Gosforth Subsidiary No.1 plc to be renamed Northern Rock plc shortly before the transfer takes effect. In light of this, in the Order the generic names “ACo” and “BCo” are used to refer to Northern Rock plc and Gosforth Subsidiary No.1 plc respectively. http://www.hm-treasury.gov.uk/d/northernrock_transfer_order.pdf It ends in a few days but the kind of thing they are looking for ........................for so long as, the FSA is satisfied that at least two ndividuals who effectively direct the business of BCo are of sufficiently good repute and have sufficient experience to perform controlled functions in that respect. Edited December 27, 2010 by northwestsmith2 Quote Share this post Link to post Share on other sites
RufflesTheGuineaPig Report post Posted December 27, 2010 How much do we need to get for it? lol It's worth whatever we paid for it plus 10%. Bank prices only ever go up. Quote Share this post Link to post Share on other sites
