Northern Rock has been granted a temporary relaxation of its regulatory regime as it waits for its business plan to be approved by the European Commission.
The state-owned bank has submitted its plan, aimed at paying off an £11.5bn Bank of England loan, for Brussels to check that it complies with state aid legislation.
The Commission had been expected to approve Northern Rock’s business plan early this month, but this may now come as late as next month.
Financial Times