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By the looks of it, Virgin will be paying less than they would have done four years ago, but they have also had to make various assurances about how they will handle the Rock. When Branson's bid failed in 2007, and the bank was nationalised, it was because the government started worrying about what they saw as 'extortion' on Virgin's part. Now, Virgin Money are emphasising that they will safeguard jobs and maintain a new HQ in the North East.
"So on paper, taxpayers end up with a loss of somewhere between £400m and £650m," said our business editor.
The size of the losses contained in the bad bank part of Northern Rock are still uncertain, but could amount to as much as £21bn.
From what I can make out we lose up to £400 million on the good proitable part of the bank and keep all the 125% mortgages from the bad part of the bank.
Virgin Money has pledged to establish a new headquarters in Newcastle, where Northern Rock is based.
It also also agreed not to close any branches and instead to increase their number "as the business' growth allows", and support Northern Rock's charitable foundation for a year.
Yes,britain can spend 20 billion $ on these top level welfare moochers and parasites on british economy
Originally posted by ludwigvonmises003
reply to post by lifeissacred
20 billion years on a marriage yeah sure ,its not a large allowance for the Rothschild, but for Joe six pack its monstrous....
problem is that you british have no gun rights.Thats why your govt is such big thieves.
Erm...you might want to change that monarchy for thousands of years bit.... Just saying Rainbows Jane
Originally posted by ludwigvonmises003
Is Britain even democratic? why is referendum not held on this issue?
Originally posted by ludwigvonmises003
Ghaddafi was the robin hood of Africa,but where is the robinhood of Britain.
Originally posted by ludwigvonmises003
Is Britain even democratic? why is referendum not held on this issue?