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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 future.

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."

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