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Bank trio offer to securitise half of Northern Rock’s loan

Royal Bank of Scotland, Barclays and Citigroup have offered to securitise £12.5bn of the Bank of England’s emergency loan to Northern Rock.

According to reports, the three banks have approached the Treasury in the past few days offering to securitise half of Northern Rock’s BoE loan. Their plan is designed as an alternative to a scheme devised by the Government’s adviser Goldman Sachs.

The banks’ plan is being proposed as a contingency plan in case the Government’s own financing package fails to get approval from Brussels.

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