Jason Karaian
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Northern Rock reports £78.8m losses

The nationalised lender Northern Rock has reported losses of £78.8m in the six months to June.

That is compared with a loss of £140m the previous year.

The bank says it continues to work on plans for an eventual sale of the company back to the private sector.

Northern Rock was fully nationalised three years ago after nearly collapsing during the credit crunch.

Jason Karaian from the Economist Intelligence Unit says despite these losses the bank "doesn't have trouble with funds".

  • 03 Aug 2011