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14 Jan, 2008

Marcel Le Gouais
Date: 14-Jan-2

The former head of Lloyd's of London, Ron Sandler, has been drafted in to lead Northern Rock if it is nationalised.
Weekend news reports reveal that Sandler has released a statement confirming that the government had asked him to take a leading role if the Treasury takes over the bank.

Sandler says: "In the event of nationalisation, I have agreed I will go in as executive chairman."

He explained that his role would be "to get things stabilised, to make sure the bank has proper plans in place."

The 55-year-old, who previously worked at the Treasury, developing the government's pension and investment products for low earners, would also be responsible for ensuring a management teamis in place at NR.

The government has said it wants a private sale of the bank, but with ongoing financing problems hampering the bidding process, nationalisation is becoming a more likely option.

If the bank is taken under the Treasury's control, the cost to the taxpayer could hit around £50bn, claims a report from The Daily Telegrpah this morning.

Northern Rock's extraordinary general meeting will be held in Newcastle tomorrow.

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