EU set to approve Northern Rock split

Under the plans, the bank will be split into a "good" and "bad" bank. The viable part will be handed to UK Financial Investments with a view to selling it and the bad part of the bank will hold the rest of the mortgages and repay government loans. The move was criticised by the Liberal Democrats, with Treasury spokesman Vince Cable telling the BBC he was "deeply suspicious" of the plan because it will burden the tax payer with the bad elements of the banks and lead to heavy losses. Virgin and National Australia Bank have been touted as possible buyers of the viable part of Northern Ro...