Brussels set to pass Rock plan

Article reports that the European Commission is expected to approve a radical restructuring of Northern Rock on the 28 October 2009, paving the way for the break-up and sale of the nationalised bank.

Northern Rock's proposal to split itself into two - in effect creating a 'good' and a 'bad' bank - was submitted to the European Commission for state aid approval earlier in 2009 this year.

ESO: Background information: State aid: Commission extends in-depth investigation into UK aid package for Northern Rock http://www.europeansources.info/record/press-release-state-aid-commission-extends-in-depth-investigation-into-uk-aid-package-for-northern-rock/

ESO: Background information: Brussels concern at Northern Rock package http://www.europeansources.info/record/brussels-concern-at-northern-rock-package/

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