Friday, June 6, 2008

I guess there was a good reason for this – clearly thought out.

Lloyds' Northern Rock rescue foiled by regulators - report

Lloyds was poised to take over Northern Rock PLC (NRK.LN) before the troubled U.K. mortgage lender was forced to go to the Bank of England for an emergency credit line, but the deal was ultimately blocked by the BoE and the U.K. Financial Services Authority, the Sunday Times reported, without citing sources. It said there were concerns among BoE officials that a takeover would cause greater consternation in the financial markets, leaving Northern Rock with no choice but to ask the BoE for an injection of funds.

Posted by lvmreader @ 02:18 AM (385 views)
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