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| Darling unveils Rock rescue plan | |
| (20 minutes later) | |
| Chancellor Alistair Darling has outlined details of a funding plan that could help facilitate a private sale of Northern Rock. | Chancellor Alistair Darling has outlined details of a funding plan that could help facilitate a private sale of Northern Rock. |
| Under the proposed solution, the £25bn Bank of England loan made to the troubled bank will be converted into bonds and sold to investors. | Under the proposed solution, the £25bn Bank of England loan made to the troubled bank will be converted into bonds and sold to investors. |
| The bonds would be guaranteed by the government to encourage a private buyer to come forward. | The bonds would be guaranteed by the government to encourage a private buyer to come forward. |
| Bidders have until 4 February to detail proposals based on the plans, he added. | |
| The scheme was proposed by Northern Rock bankers Goldman Sachs and was given the green light by Prime Minister Gordon Brown over the weekend. | |
| It would mean the taxpayer would be exposed to Northern Rock for a much longer period than planned. | |
| The Treasury extended the Bank of England loan facility for the stricken bank until 17 March. |