BusinessCompany NewsRock FD says repayments will be shelved for 6 months

Rock FD says repayments will be shelved for 6 months

Godbehere tells Treasury select committee that Northern Rock's £25bn IOU to the government will be paid back later than previously thought

Northern Rock’s finance chief has said that the nationalised bank’s loan
repayment to the government will have to be put off until 2011.

Ann Godbehere told the Treasury Select Committee that after stress-testing
the plan against an earlier decline in the housing market, the loan repayment
would be postponed for six months and the guarantees may have to be extended
beyond 2011.

The Treasury is still looking for someone to tot up the value of the bank
after the government loan is stripped out .

Godbehere added: ‘The taxpayer will get repaid but it will come in more
slowly.’

Further reading:

Northern
Rock shareholders take fight to High Court

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