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Rescuing Rock costs £8billion
Northern Rock has now borrowed nearly £8billion in emergency funding from the Bank of England, according to a new analysis.
The figures come after news that leading businessman Chris Flowers and U.S. private equity firm Cerberus expressed an interest in the bank.
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Reports suggest Northern Rock has borrowed a further 5billion from the Bank of England, taking the total up to 8billion since it was first given access to the emergency fund two weeks ago.
A report claims Northern Rock last week distributed almost 40million in dividends to holders of preference shares just two days before the bank cancelled its interim dividend to ordinary shareholders, saving about 60million.
The approach by Mr Flowers' is believed to be the only takeover proposal that would keep the bank together and may go some way to safeguarding more than 1,000 jobs at Northern Rock's Doxford International call centre.
Other potential bidders, including Cerberus, are believed to want to break up the bank and sell off its assets.
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Friday 10 February 2012
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