Tuesday, January 15, 2008

Essential support from the Bank of Bailouts

Northern Rock completely reliant on £25bn BoE loan

Northern Rock’s chairman has revealed the bank has become completely reliant on the Bank of England and the Treasury to continue to trade.

Posted by jack c @ 01:49 PM (759 views)
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3 thoughts on “Essential support from the Bank of Bailouts

  • tyrellcorporation says:

    So much for shareholders whining about not having much of a say in it’s future – the bank is bankrupt, their holdings are worthless.

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  • @tyrell – spot on

    “Speaking at the bank’s EGM with shareholders, Bryan Sanderson revealed we have £100bn in assets and liabilities, so managing these is extremely complex.”

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  • So that’s £100bn in assets and liabilities. Let’s hope the assets exceed the liabilities by at least £26bn.
    .
    Cynically I suspect the directors are spending their last few months shovelling cash out in bonuses and covering their posteriers.

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