Wednesday 23 September 2009

Northern Rock and a hard place

Sky says that Northern Rock is to be split into two banks.
The 'good bank', called BankCo, would hold the valuable parts of Northern Rock, including the bank's retail deposit base and its branch network.
The 'bad bank', called AssetCo, would hold billions of pounds worth of the old bank's bad debts.

Guess which bit the taxpayer will own?

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