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Northern Rock’s debt balloons by a further £2bn as deadline for proposals looms

Northern Rock is believed to have borrowed a further £2bn from the Bank of England, according to the Bank’s latest accounts.

This now brings up the total figure that Northern Rock has borrowed to around £25bn.

The news comes as today’s deadline looms for indicative proposals for Northern Rock.

Preliminary bid proposals are due today from JC Flowers, the Virgin Group led-consortium, Cerberus and a team led by former Abbey chief executive Luqman Arnold.

It is also believed that a number of banks from continental Europe and Asia are also looking at putting in proposals.

A sales memorandum distributed by Northern Rock’s advisers this week suggested that the Bank of England may still have to provide up to £6bn of support to Northern Rock by 2010


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