The Government has quietly announced that after 2 November 2010, it is removing the guarantee of the wholesale deposits liabilities of Northern Rock plc (excluding certain fixed term deposits existing as at 1 January 2010)
This will reduce what's called the "contingent liability" - the theoretical amount that the Government would have to pay out if the company went bust - from £60 million to £16 million, and as products mature this will decrease - to zero by the end of 2012.
Another sign of the return to health of our stolen business.
Thursday, 23 September 2010
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