UK backs N.Rock bonds and sets deadline for rescue
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Britain set a two-week deadline for a private-sector rescue of Northern Rock that would allow the stricken bank's 25 billion pound emergency funding to be converted to government-guaranteed bonds to help smooth a deal.
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Goldman Sachs is close to completing a 15 billion pound ($29.5 billion) financing package to be used by suitors for UK lender Northern Rock , the Sunday Times reported, adding details may be unveiled this week.
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British Energy, the nuclear generator, yesterday welcomed a decision by the European commission to approve a government-backed Â£5bn rescue plan.
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Britain's financial authorities stepped in to rescue mortgage lender Northern Rock &lt;NRK.L&gt; on Friday as the group, which has lent aggressively to home buyers, fell victim to the sharp rise in borrowing costs between banks.
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A deadline on private bids for Northern Rock, the British bank almost ruined by the squeeze on global credit, was to expire on Monday amid speculation that three proposals will be made to the board.
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The British government's pledge to guarantee all deposits held by Northern Rock in an effort to shore up confidence in the country's fifth-biggest mortgage lender will be put to the test on Tuesday when branches reopen.
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The Bank of England agrees to give emergency financial support to mortgage lenders Northern Rock.
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Emergency legislation is to be introduced to temporarily nationalise the UK's stricken Northern Rock bank.
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Business & money: Government to get tough with bidders for Northern Rock during crisis meetings
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Billionaire Richard Branson, banker  Luqman Arnold and an in-house management team are set to pitch  formal offers for Britain's Northern Rock Plc  on  Monday, the government's deadline for bids.
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Business & money: Sir Richard Branson has promised to submit a bid for Northern Rock by Monday's government deadline
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SHANGHAI/LONDON  - Britain will back a plan to covert its lending to Northern Rock into bonds, a source familiar with the matter said, potentially tying itself to the bank for years but avoiding full-scale nationalization.
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Northern Rock waits to see if a government pledge to protect accounts will reassure its customers.
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The government weighed in Monday to stem panic at the crisis-wracked Northern Rock bank, vowing to protect all savings as customers queued for a third straight day to withdraw cash.
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Britain's financial authorities stepped in to rescue mortgage lender Northern Rock  on Friday as the group, which has lent aggressively to home buyers, fell victim to the sharp rise in borrowing costs between banks.
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Treasury broadens its support as fears grow that stricken bank will have to be nationalised
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The rescue of British bank Northern Rock   could get bogged down in a legal battle as shareholders  criticized the government's handling of the five-month crisis  just as a decision nears.