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(From Banking Newslink)
Northern Rock reported a first half LOSS before tax of GBP585.4m (€739.1m $1,144.0m YEN124,286m Y7,834.1m and stated that losses for the full year would be significant. Northern Rock is the UK mortgage bank that got into major difficulty last year and was nationalised earlier this year. Subject to permission from the European Commission the Treasury is also to inject GBP3.4bn in new equity capital, part of which is a debt for equity swap. Delinquency has increased from 0.45% to 1.18%.
Yet all is not bad. The bank had repaid GBP9.4bn of its total loan from the Bank of England, equal to 35% of the amount borrowed. It has increased …