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| UK Govt Withdraws Northern Rock Guarantees |
by Robert Lee, Tax-News.com, London
Tuesday, August 10, 2010
A further milestone in Northern Rock plc’s return to independence has been reached, with the notice that HM Treasury’s guarantee arrangements in place for the bank’s wholesale liabilities will end in three months' time.
Following their introduction in September 2007, retail deposit
guarantees were allowed to expire on May 24, 2010, but the guarantees for wholesale
deposits and wholesale borrowings of Northern Rock plc, which remain in place,
are to be lifted at the close of business on November 2, 2010.
This announcement brings forward the end date of wholesale guarantees that,
as previously stated, would not extend beyond December 31, 2010. The current
beneficiaries under these wholesale guarantees are Northern Rock (Guernsey)
and the Northern Rock Foundation, which both have funds on deposit with Northern
Rock plc. Fixed term wholesale liabilities in existence at January 1, 2010,
continue to be guaranteed until maturity. The announcement does not affect the wholesale guarantee arrangements in place
for Northern Rock (Asset Management) plc.
The government said the decision had been made following recommendations from
UK Financial Investments (UKFI), and following approval by the Financial Services
Authority and the Bank of England.
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