17 Jan, 2008
Tanya Powley - 17-Jan-2008
Northern Rock's annual results are
likely to be delayed as it focuses on finding a rescue plan rather
than revealing the true extent of its finances.
Last year the bank reported its 2006 results on January 24.
This comes as Gordon Brown yesterday denied he was dithering over
the future of Northern Rock. He admitted to MPs that it could still
be more than a couple of weeks before a decision is taken over its
Brown told MPs at question time in Parliament yesterday that the
Government had pursued the only course of action available to
prevent a wider financial collapse.
He told Tory leader David Cameron: "Northern Rock
shareholders and depositors were let down by bad management. It was
a bad business plan and you were good enough to say in September
that you overwhelmingly supported our action. The action we have
taken was to ensure there is stability in the economy. And to
ensure that stability we said we would secure the deposits of all
depositors in Northern Rock and stand behind the company with
support from the Bank of England."
"In the next few weeks we are looking at the situation of how
we can find buyers for Northern Rock."