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Cable repeats Rock takeover call Cable repeats Rock takeover call
(about 4 hours later)
The Liberal Democrats have repeated calls for the government to take over control of ailing bank Northern Rock.The Liberal Democrats have repeated calls for the government to take over control of ailing bank Northern Rock.
Acting Lib Dem leader Vince Cable said a temporary public takeover was the best way to safeguard the billions of public money loaned to the bank.Acting Lib Dem leader Vince Cable said a temporary public takeover was the best way to safeguard the billions of public money loaned to the bank.
In a letter to Bank of England Governor Mervyn King, he asked for reassurances about the security of the loaned money and the interest rate being charged.In a letter to Bank of England Governor Mervyn King, he asked for reassurances about the security of the loaned money and the interest rate being charged.
The Treasury has so far dismissed the idea of a public takeover of the bank.The Treasury has so far dismissed the idea of a public takeover of the bank.
'Sinking ship''Sinking ship'
Mr Cable said: "Taxpayers cannot be expected to continue to prop up this sinking ship, especially as much of our money is likely to get lost at sea.Mr Cable said: "Taxpayers cannot be expected to continue to prop up this sinking ship, especially as much of our money is likely to get lost at sea.
The chancellor and prime minister have continued to dole out loans to Northern Rock while failing to provide any detail of them."The chancellor and prime minister have continued to dole out loans to Northern Rock while failing to provide any detail of them."
He said the "unacceptable" situation could not be allowed to continue and called for the government to follow the "least worst option" and take over the bank, then sell it on in due course.He said the "unacceptable" situation could not be allowed to continue and called for the government to follow the "least worst option" and take over the bank, then sell it on in due course.
HAVE YOUR SAY NR is a business like any other. If they can't manage their own finances, they should go bankrupt David, Newcastle Send us your comments
Northern Rock's shares collapsed after it was forced to seek emergency funding from the Bank of England in September, after the summer's global credit crunch left it unable to borrow money from other banks to fund its business model.Northern Rock's shares collapsed after it was forced to seek emergency funding from the Bank of England in September, after the summer's global credit crunch left it unable to borrow money from other banks to fund its business model.
Concerned customers rushed to withdraw their money and the bank has since been seeking bidders to rescue it.Concerned customers rushed to withdraw their money and the bank has since been seeking bidders to rescue it.
Analysts say there are a number of options for the bank going forward, ranging from an outright buy-out to a breaking up of the bank's assets.Analysts say there are a number of options for the bank going forward, ranging from an outright buy-out to a breaking up of the bank's assets.
The firm's preferred route out of its current crisis is to sell itself, either whole or in pieces, to other banks or financial institutions.The firm's preferred route out of its current crisis is to sell itself, either whole or in pieces, to other banks or financial institutions.
Its board is currently considering 10 takeover bids but the chief executive of the bank's largest shareholder, RAB Capital, on Saturday warned he would vote against a proposed takeover of the bank that did not properly value its shares.Its board is currently considering 10 takeover bids but the chief executive of the bank's largest shareholder, RAB Capital, on Saturday warned he would vote against a proposed takeover of the bank that did not properly value its shares.