Re: UK bank losses to hit taxpayers - Financial Times

On May 12, 5:24=A0pm, White Spirit <wspi...@[EMAIL PROTECTED]
> wrote:
> Mel Rowing wrote:
> > Not one penny of taxpayers' money has been given to banks.
>
> I take it you've never heard of Northern Rock?

Northern Rock has been nationalised. Taxpayers' money has not been
given NR. It has been or will be used to buy the entire stock of NR
from its shareholders at a knock down price.

In return for this investment the taxpayer will get the =A3100m+ loan
book which will be run down over an estimated 3 years to repay loans
granted to NR using these securities as collateral. Thence there is no
reason why NR cannot be returned to the private sector probably at a
profit to the taxpayer.