Forex News: Northern Rock Deadline Virgin Bid
There a a number of bids coming in for the much troubled Northern Rock Bank. The Virgin Group operated by Richard Branson is one of them, he is already aware that the bank has needed a £25bn loan from the Bank of England.
Sir Richard firmly believes that he can make the Bank strong again and insure that tax payers get their money back. The global credit restrictions were the cause of the Northern Rock crisis, they were certainly not prepared for such market turmoil.
It is also thought that the Financial Services Authority (FSA) has been constantly failing to do its duty.