This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7101132.stm

The article has changed 20 times. There is an RSS feed of changes available.

Version 2 Version 3
Rock offers 'undervalue the bank' Rock offers 'undervalue the bank'
(20 minutes later)
Northern Rock has said that proposals it has received so far from potential investors were "materially below" the stricken bank's share price. Northern Rock has said the proposals it has received so far from potential investors are "materially below" the stricken bank's share price.
Two suitors, Virgin Group and Olivant Advisers, have both submitted their proposals to rescue the bank.Two suitors, Virgin Group and Olivant Advisers, have both submitted their proposals to rescue the bank.
The bank said that it expected further expressions of interest to emerge.The bank said that it expected further expressions of interest to emerge.
Separately, the government has said there was no certainty that any bidder for the Rock would have access to Treasury-backed loans after February. Separately, the government has said there is no certainty that any bidder for the Rock will have access to £24bn of emergency loans after February.
Chancellor Alistair Darling has outlined the government's stance on the possible sale of Northern Rock. But it added that it was "willing to discuss" any proposals that envisaged a continuing role for the Bank of England, the Treasury and the Financial Services Authority.
Northern Rock said that while it would still analyse and discuss proposals it had trecoieved, "the value to shareholders from any of the proposals remains highly uncertain". Northern Rock's shareholders have had a huge dose of bad news Robert PestonBBC Business Editor class="" href="http://www.bbc.co.uk/blogs/thereporters/robertpeston/2007/11/treasurys_fiveyear_rock_loan.html">Read Robert Peston's blog
They would depend on factors including an improvement in market conditions including access to liquidity, it said. The Treasury has also warned that the support it has provided to the Rock represents state aid under EU rules and may therefore turn out to be illegal.
The comments came as Chancellor Alistair Darling outlined the government's stance on the possible sale of Northern Rock.
Northern Rock, whose chief executive Adam Applegarth resigned on Friday, said that while it would still analyse and discuss proposals it had received, "the value to shareholders from any of the proposals remains highly uncertain".
They would depend on factors including an improvement in market conditions such as access to liquidity, it said.
Northern Rock shares fell 2% in early trading to 129p. They had hit a high of £12.58 in February.
The bank was forced to seek emergency funding from the Bank of England in September after the jamming up of world credit markets wrecked its business model.