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| Version 2 | Version 3 |
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| Rock suitor unveils rescue plan | Rock suitor unveils rescue plan |
| (20 minutes later) | |
| One of the contenders to buy Northern Rock has unveiled details of its proposed rescue offer for the bank. | One of the contenders to buy Northern Rock has unveiled details of its proposed rescue offer for the bank. |
| The Olivant group, led by former Abbey boss Luqman Arnold, says it could repay immediately up to £15bn of government money that is propping up the firm. | |
| The rest of the Bank of England loan - about £25bn to date - would be repaid by 2009 - with the Northern Rock brand being retained, it said. | The rest of the Bank of England loan - about £25bn to date - would be repaid by 2009 - with the Northern Rock brand being retained, it said. |
| Separately, another of the frontrunners for the bank has reportedly pulled out. | Separately, another of the frontrunners for the bank has reportedly pulled out. |
| The Financial Times and Daily Telegraph reported that the US buyout firm JC Flowers sent letters to the Treasury notifying officials of its position, the Financial Times and Daily Telegraph reported. | The Financial Times and Daily Telegraph reported that the US buyout firm JC Flowers sent letters to the Treasury notifying officials of its position, the Financial Times and Daily Telegraph reported. |
| The firm, they said, decided it could not agree a deal acceptable to it and the government - which is currently propping up the stricken lender. | The firm, they said, decided it could not agree a deal acceptable to it and the government - which is currently propping up the stricken lender. |
| A Virgin-led consortium is currently the preferred bidder for Northern Rock. | A Virgin-led consortium is currently the preferred bidder for Northern Rock. |