The government is set to agree to sell some £450m of Northern Rock loans to American private equity firm JC Flowers, according to reports.
The deal would represent about half of the nationalised lender's unsecured loan book, reports The Times. JC Flowers had been in the running to buy all of Northern Rock after it collapsed in 2007, but the government halted negotiations and nationalised it shortly afterwards, saying it would be better for taxpayers. The Times suggests JC Flowers will pay about £300m for £450m of loans through its regional lending arm, One Savings Bank.
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