Taxpayers will also be paying for the advisory services of Goldman Sachs, hired to assist the Treasury, Bank of England and the Financial Services Authority on the future of the bank
Accountancy Age, 19 Feb 2008
The Lib Dems have called for an independent audit into the quality of Northern Rock's assets and loan books.
Treasury spokesman for the party, Vincent Cable, who had called for temporary nationalisation of the bank, said the audit should be supervised by the Bank of England.
Cable said job losses were inevitable but further pledged his party's support for the legislation – to be rushed through parliament – that will nationalise the bank.
In the meantime, government and the regulators are refusing to divulge details of the role investment bank Goldman Sachs played in nationalising the bank, although the taxpayer's money is being used to support the Newcastle-based bank.
Taxpayers will also be paying for the advisory services of Goldman Sachs, hired to assist the Treasury, Bank of England and the Financial Services Authority on the future of the bank.
While the bill will formally be paid by Northern Rock, it will technically come out of the government's budget under plans of nationalisation.
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