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| Version 1 | Version 2 |
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| US private equity firm eyes Rock | US private equity firm eyes Rock |
| (10 minutes later) | |
| Private equity firm JC Flowers has stepped up efforts to take control of Northern Rock - putting together a management team in case a deal happens. | Private equity firm JC Flowers has stepped up efforts to take control of Northern Rock - putting together a management team in case a deal happens. |
| The US firm said it would appoint former Marks and Spencer chairman Paul Myners, as chairman of the bank. | The US firm said it would appoint former Marks and Spencer chairman Paul Myners, as chairman of the bank. |
| Other high-profile executives have also been lined up for board positions. | Other high-profile executives have also been lined up for board positions. |
| The news could ignite a bidding war for the UK lender after a consortium led by Richard Branson's Virgin Group proposed an offer earlier this month. | The news could ignite a bidding war for the UK lender after a consortium led by Richard Branson's Virgin Group proposed an offer earlier this month. |
| There have been reports that JC Flowers had set aside £15bn to buy Northern Rock, the first major UK bank to be brought to its knees by the seizures in the credit markets which followed the crisis affecting US sub-prime home loans. | There have been reports that JC Flowers had set aside £15bn to buy Northern Rock, the first major UK bank to be brought to its knees by the seizures in the credit markets which followed the crisis affecting US sub-prime home loans. |
| Other executives assembled by JC Flowers to run the bank if its offer was successful, include former Alliance and Leicester chief executive Richard Pym and Hugh Scott-Barratt, the ex-chief financial officer of ABN Amro. | |
| 'Potentially interested' | 'Potentially interested' |
| Last week, Northern Rock said it was continuing to negotiate its position with a number of "potentially interested" suitors. | Last week, Northern Rock said it was continuing to negotiate its position with a number of "potentially interested" suitors. |
| They include the Virgin-led consortium, which features US insurance company AIG, and which has offered to buy a majority stake in the bank and inject "hundreds of millions of pounds" of money in exchange for taking control and rebranding the business as Virgin Money. | They include the Virgin-led consortium, which features US insurance company AIG, and which has offered to buy a majority stake in the bank and inject "hundreds of millions of pounds" of money in exchange for taking control and rebranding the business as Virgin Money. |
| Any future owner of Northern Rock will need to pay back hefty loans to the Bank of England which it has borrowed in emergency funds. | Any future owner of Northern Rock will need to pay back hefty loans to the Bank of England which it has borrowed in emergency funds. |
| Over the past week, the bank is likely to have borrowed a further £4.65bn, according to the latest Bank of England data. | Over the past week, the bank is likely to have borrowed a further £4.65bn, according to the latest Bank of England data. |
| The figure appeared in the "other assets" category of the Bank of England's accounts, which includes any funds the Bank issues as "lender of last resort". | The figure appeared in the "other assets" category of the Bank of England's accounts, which includes any funds the Bank issues as "lender of last resort". |
| Analysts believe it is highly likely that this money has gone to Northern Rock. | Analysts believe it is highly likely that this money has gone to Northern Rock. |
| This would indicate that Northern Rock's borrowings are now likely to total in excess of £20bn since being offered the emergency loan facility on 14 September. | This would indicate that Northern Rock's borrowings are now likely to total in excess of £20bn since being offered the emergency loan facility on 14 September. |