January 17, 2008

Bankers give up on Northern Rock

With the UK government stating that they will not be bailing the struggling bank out because the appropriate funding will not be available to them, so then like with any other industry the solution could be found within the ranks of their own kind.

But with an estimated £15 billion to find it seems that even the banking industry are having a hard time putting some sort of package together in order to rescue the stricken bank and so it looks as if the banking industry are about to throw in the towel and leave Northern Rock to seek refinancing else where.

There would now seem to be only two avenues left for the bank, which would be Virgin or Olivant, there is a lot at stake here for everyone with a vested interest in Northern Rock.

Source [Telegraph]