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Northern Rock Reports Reduced Losses In First Half

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Nationalised lender Northern Rock PLC has announced reduced losses for the first six months of the year.

The bank reported a pre-tax loss of £68.5m in the six months to 30 June, compared with a loss of £142.6m the previous year.

Northern Rock PLC was created last year after the lender was split in two as a precursor to a sale.

Not a bad return for the £1.4bn pumped into this bank by the taxpayer.

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The Rock - in its new slimmed down form - does not expect to trade profitably till the second half of next year.

That isn't a disaster for taxpayers - because any loss on the sale of the bank and its 70 branches is likely to be offset by a profit earned over time on the more than £40bn of Rock mortgages that are being kept on the public-sector balance sheet.

Not quite sure what Peston is smoking here, I doubt the taxpayer will ever see a profit on those £40bn of mortgages, they are toxic crap. Especially as the UK housing market hasn't corrected yet.

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That is a pretty good performance for a British company. If it was publicly traded the stock would have soared even higher on such news.

The management team must be celebrating tonight as it is rare to see a British company lose less than £1,000,000 a day during a quarter.

Edited by aa3
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