Northern Rock 'moving to independence'
www.moneynews.co.uk > Banking > Northern Rock 'moving to independence'
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Money News |
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Northern Rock 'moving to independence'
Wed 24th Feb 2010
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It has stated that in three months' time, at the close of business on May 24th, retail deposits in the bank will no longer be guaranteed by the Treasury.
Wholesale borrowing guarantees will also be lifted, to the extent that it relates to sums which are attributable to retail deposits with the institution.
Deposits in fixed-term accounts will remain to be under guarantee until they have matured.
Financial services secretary to the Treasury Paul Myners said that the government's steps to protect the money in the bank were vital to reassure consumers of the institution's soundness.
"Today's announcement shows how far we have come. Depositors can have confidence in Northern Rock," he stated.
The Treasury committee recently held an inquiry into the number of households which have been struggling with mortgage arrears since the start of the recession.
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