UK govt outlines Northern Rock plans
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Prime Minister Gordon Brown's government faced accusations of mismanagement Monday as it began nationalizing stricken mortgage lender Northern Rock PLC Â the first time in 20 years that a private company has been taken into public ownership.
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The British government was to introduce emergency legislation Monday to temporarily nationalize Northern Rock PLC amid strident criticism of the move from opposition lawmakers and shareholders in the stricken mortgage lender.
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The board of Northern Rock  is considering mounting a rescue plan to save the ailing British bank from nationalisation or takeover, the Sunday Times reported.
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The government is to offer more financial support to private sector Northern Rock buyers.
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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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The Virgin consortium has been told by Britain's government that it is the front-runner to take control of British bank Northern Rock Plc  but needs to improve its proposal, the BBC reported on Tuesday.
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Chancellor of the Exchequer Alistair Darling said on Monday his government would guarantee the savings of customers of troubled bank Northern Rock.
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The Office for National Statistics announced Thursday that the country's public finances data would incorporate the liabilities of the crisis-hit bank Northern Rock.
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UK banks have welcomed the chancellor's plans to protect people's savings, in the light of Northern Rock.
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The future of ailing British bank Northern Rock -- including possible nationalisation -- is to be decided in the next six weeks, the Chancellor of the Exchequer Alistair Darling said in an interview on Saturday.
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The government Tuesday agreed to extend its guarantee to all customer deposits held at Northern Rock as the bank severely hit by the global credit squeeze awaits being taken over.
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Britain set a two-week deadline for a private-sector rescue of Northern Rock  on Monday as it confirmed plans to convert its billions of pounds of loans to the stricken bank into bonds in a bid to smooth a deal.
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The British government tried to stem the tide of cash pouring out of Northern Rock  on Monday, promising depositors they wouldn't lose a penny as the bank's share price plunged further and thousands queued to withdraw their savings.
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Bonds worth Â£24bn and guaranteed by the government to rescue Northern Rock will have maturities of between two and three years, according to information sent to potential bidders for the stricken lender
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Embattled Financial Services Authority promises "root and branch" review of Northern Rock crisis.
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The Government is to announce its decision on the future of beleaguered bank Northern Rock today
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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.