EU launches Northern Rock probe
Published April 2nd, 2008
The EU has said it will launch a full investigation of the state bailout plan of troubled UK bank Northern Rock.
Northern Rock was given emergency government funding last year, after it was hard hit by the credit crunch.
In February, the government said the bank would be temporarily nationalised, but it needs European regulators to approve its rescue plan.
UK taxpayers are now subsidising the bank in loans and guarantees to other lenders to the tune of about £55bn.
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