McDowell Says Northern Rock Split Will `Take Time': Video

Oct. 28 (Bloomberg) -- Bob McDowall, a senior research analyst at Tower Group Europe Ltd., talks ...  More »

Oct. 28 (Bloomberg) -- Bob McDowall, a senior research analyst at Tower Group Europe Ltd., talks with Bloomberg's Francine Lacqua about the outlook for Northern Rock Plc. The U.K. government won approval from the European Commission to split Northern Rock into two parts, moving potentially toxic assets into a new entity. The bank will be split into a “good” bank, which will continue the lender’s profitable operations, and a “bad” bank that will sell the remaining assets, the Brussels-based commission said in a statement today. (Source: Bloomberg)  « Less