Northern Rock Guernsey given guarantee from UK Government

The Guernsey Financial Services Commission and the board of Northern Rock Guernsey sought confirmation that the Chancellor’s commitment extends to the Guernsey subsidiary. In a statement, Peter Neville, director general of the Commission, said:: “As an outcome of these discussions, HM Treasury has informed the Commission that the deposit of Northern Rock Guernsey with its UK parent plc is included within the Chancellor's guarantee as an existing wholesale deposit and therefore the assets of Northern Rock Guernsey are covered by the Chancellor's commitment.” However, Neville said the episod...