Northern Rock and its advisers are accelerating their evaluation of the eight serious bid proposals they have received so far with the hope of having a shortlist as early as next week. Financial Times, Daily Telegraph
The bank’s board is discussing the offers daily and aims to put three or four proposals to the Bank of England, the Financial Services Authority and the Treasury.
It is also thought that several banks led by Citigroup are looking at providing financing of up to £15bn that could be funnelled to any successful bidder.
Northern Rock borrowed a further £1.1bn from the Bank of England this week, suggesting that it has now drawn on £26.4bn of taxpayers’ money since it applied for the lender of last resort facility just over two months ago.