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BBC NEWS | Business | Northern Rock to be nationalised

The Treasury now feels that nationalisation offers the most certainty of securing these guarantees, Mr Peston said.

It is thought that the business model it proposes will be similar to those put forward by the Virgin Group and the in-house management consortium.

These were likely to see a downsizing of the bank, with job cuts likely, observers say.

The Treasury had already recruited Mr Sandler, the former boss of the Lloyd's of London insurance market, to lead Northern Rock, in case it were nationalised.

Mr Sandler is widely regarded as having restored confidence in Lloyd's after its years in financial disarray.

Any idiot can face a crisis - it's day to day living that wears you out.
by ceebs (ceebs (at) eurotrib (dot) com) on Sun Feb 17th, 2008 at 01:03:18 PM EST

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