“The UK Government decided to take Northern Rock into a period of temporary public ownership”, announced Alistair Darling in a statement on Sunday. “Northern Rock will continue operating as a bank on a commercial basis”, he continued. “Our financial adviser Goldman Sachs has concluded from a financial point of view that a temporary period of public ownership better meets our objective of protecting taxpayers.”
Darling will publish a Bill to bring the bank into a period of temporary public ownership on Monday. He also announced that the UK Listing Authorities will suspend company's shares from listing prior to the opening of the London Stock Exchange on Monday.
Full Statement
HM press release
© Graham Bishop
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