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Northern Rock has agreed to sell £2.2bn, or 2%, of its mortgage assets to US investment bank JP Morgan.
The troubled lender said it would use the funds to reduce the more than £25bn of emergency loans it has been given by the Bank of England.
Northern Rock said the price JP Morgan was paying represented a 2.25% premium over the value of the assets.
The lender first needed a loan from the Bank of England in September last year because of a global credit squeeze.