Northern Rock will be broken up and parts of the business sold off after the European Commission yesterday waved through a radical restructuring of the nationalised UK bank.
The Commission said Northern Rock's plan to split into two – in effect creating a “good” and a “bad” bank – was compatible with state aid rules.
The competition authorities in Brussels have been looking closely at a number of European banks to assess whether the extensive government support they received at the height of the financial crisis has given them an unfair advantage.
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