Northern Crock sold to goaty beard at a huge loss

[DimPrawn]

Northern Rock sold to Virgin Money 'at a loss' - Telegraph

UK Financial Investments said it has agreed to sell 100pc of Northern Rock to Virgin Money for £747m in cash immediately, but this could potentially rise to around £1bn.

...

The Newcastle-based lender received a £1.4bn bail-out when it was nationalised in February 2008 at the height of the credit crunch. So on paper, taxpayers end up with a loss of £400m, but this could rise to £650m.



Love this comment.

Another well matured financial turd left behind by the one eyed Scottish moron floats to the surface...






New Labour = New s

[russell]

Northern Rock sold to Virgin Money 'at a loss' - Telegraph

UK Financial Investments said it has agreed to sell 100pc of Northern Rock to Virgin Money for £747m in cash immediately, but this could potentially rise to around £1bn.

...

The Newcastle-based lender received a £1.4bn bail-out when it was nationalised in February 2008 at the height of the credit crunch. So on paper, taxpayers end up with a loss of £400m, but this could rise to £650m.



Love this comment.

Another well matured financial turd left behind by the one eyed Scottish moron floats to the surface...






New Labour = New s

Great deal by Ozzy, thank god he is in charge of the UK economy, maybe he should go back and study the basics though.

[DimPrawn]

The great thing is, NR was split into the profitable bit and the utterly utterly tulipe bit.

Osbourne has sold the profitable bit at a huge loss, whilst still holding the bit with liabilities into the billions.

Now, this tells me he thinks the whole banking system is on the verge of collapse again.

Time for some more gold!

[Arturo Bassick]

So a massive loss on the good part of the business and left holding all the bad debt and other bad parts of the business.

1. How is this a good deal?

2. Can we hold G. Brown and co. responsible and recover the money from them?

[gingerjedi]

Didn't the beardy one offer to buy it back in 2007 pre bail out?

[Churchill]

Didn't the beardy one offer to buy it back in 2007 pre bail out?

He's been trying for a long time to get into High-Street banking.

This should set a cat amongst the pidgeons.

[Spacecadet]

Didn't the beardy one offer to buy it back in 2007 pre bail out?

yup

Is Branson the man to save Northern Rock? | This is Money

and he had offerred to pay back £11bn of the money Northern Rock owed to the Government

[BrilloPad]

Does this mean Cyberman will get his money back?

Shame he was banned - we could gloat. Actually, on second thoughts, probably just as well.

[scooterscot]

The great thing is, NR was split into the profitable bit and the utterly utterly tulipe bit.

Osbourne has sold the profitable bit at a huge loss, whilst still holding the bit with liabilities into the billions.

Now, this tells me he thinks the whole banking system is on the verge of collapse again.

How so?

From I understand the bad bit left behind is very profitable. Yes bad debts exist but there is also a number of good debts hidden in the rough, which are charged interest rates far above the BOE base rate, comparatively speaking.

The SVR for NRAM mortgage customers is 4.79%.

Somebody somewhere is coining it in.

[TheFaQQer]

From I understand the bad bit left behind is very profitable. Yes bad debts exist but there is also a number of good debts hidden in the rough, which are charged interest rates far above the BOE base rate, comparatively speaking.

Apparently, the "bad" bit is making more money than the "good" bit.