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| Version 7 | Version 8 |
|---|---|
| Olivant pulls out of Rock rescue | Olivant pulls out of Rock rescue |
| (10 minutes later) | |
| Olivant, one of the firms expected to table a rescue plan for troubled lender Northern Rock, has pulled out. | Olivant, one of the firms expected to table a rescue plan for troubled lender Northern Rock, has pulled out. |
| Olivant says it will not submit a further proposal because it has not been able to come up with a plan that meets its "investment criteria". | Olivant says it will not submit a further proposal because it has not been able to come up with a plan that meets its "investment criteria". |
| Monday was the deadline for companies to put forward rescue plans for the mortgage lender. | Monday was the deadline for companies to put forward rescue plans for the mortgage lender. |
| That leaves Sir Richard Branson's Virgin Group and the bank's management as the two remaining possible buyers. | That leaves Sir Richard Branson's Virgin Group and the bank's management as the two remaining possible buyers. |
| Branson frontrunner | |
| The government has said that it favours a private sector rescue for Northern Rock, which has received £55bn of financial assistance. | |
| It wants to ensure taxpayers are repaid as fully and quickly as possible. | |
| Sir Richard has confirmed that Virgin aims to meet the Monday deadline, and is said to be the frontrunner to take on the bank. | |
| "We believe we will create a very strong bank in the future and we hope to make sure the taxpayers will get all their money paid back," he said. |