The Treasury has recruited the former boss of Lloyd's insurance market, Ron Sandler, to lead Northern Rock, should the troubled bank be nationalised. A decision could be taken within days, says BBC business editor Robert Peston. According to bankers close to the Rock, the Treasury has a fully developed plan to own and manage the bank, should a commercial solution be impossible. Mr Sandler is widely regarded as having restored confidence in Lloyd's after its years in financial disarray.
A decision could be taken within days, says BBC business editor Robert Peston.
According to bankers close to the Rock, the Treasury has a fully developed plan to own and manage the bank, should a commercial solution be impossible.
Mr Sandler is widely regarded as having restored confidence in Lloyd's after its years in financial disarray.
The Bank of England knew Northern Rock was technically insolvent some time in August. There should have been an intervention by the Central Bank back then, together with a deposit guarantee by the Treasury and a forensic accounting investigation by the FSA as banking regulator. 5 months ago.
Bah. We have met the enemy, and he is us — Pogo
Does anyone believe it won't be?
I wonder how much of the loan will be disappeared once it's handed over to the Treasury?
ThatBritGuy:
