Today the European Union has agreed that Northern Rock can be split into 2 banks, relieving pressure on the tax payer.
Reports say that the bank will be split into a ‘good bank’ and a ‘bad bank’. The bad bank will be the one that repays the tax payer for bailing it out, and the good bank will probably be put up for sale/re-floated onto the stock exchange once again.
Charming! What does this mean for us? Well, if you have a mortgage with what will be the bad bank, then you’ll know about it as it will stay under government control. Does this mean that your business isn’t good enough for a bank being sold?
The likes of Lloyds and RBS are also believed to be thinking along the same lines. This would mean that Cheltenham and Gloucester would possibly be ‘spun off’ as they say. RBS are also be lined up to do the same with some of its smaller brands.
![Mar. [Explore]](http://static.flickr.com/4083/4950621171_7bcd1ab457_t.jpg "Mar. [Explore]")
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