NRock nationalisation unnecessary - UKSA

UKSA’s Northern Rock Shareholder Action Group says the fact the bank has repayed its government loans so quickly indicates it only needed temporary financial assistance. The group argues Northern Rock was no different to other banks, which have recently received government support, and this will form a major part of its legal case against the Treasury. In an update issued today, the UKSA says Northern Rock’s ability to repay its loans ahead of schedule, even during a major downturn in the housing market, suggests nationalisation was not needed. “[Last week’s banking rescue] and the other...