Tuesday 22 January 2008

Will the EU block the government bail out of Northern Rock?


The markets have spoken and Northern Rock is on the up. All is well as Gordon denies he has been doing deals with Branson whilst ego-tripping around the world.

Today though I present the links to the key European laws on state aid which may come into play. no doubt Goldman Sachs has had its legal team pouring over this and they have come to the conclusion that the Government is on safe ground.

One of the downsides to expensive lawyers is that they often tell you what you want to hear and there are always two sides to every case.

My view is that the Government could well face an investigation under the terms of article 81/1 2.2.2. The Commission could argue that the bonds issued give the company an extra benefit in the market and have prevented administration. Any views from lawyers reading this?

Somehow I don't think the formidable Neelie Kroes is going to make life easy for Badger and Gordon.

Now they just have to get the bonds away in this market....

12 comments:

Anonymous said...

I have sold my BT shares which I had since Sid advised me to buy them in light of the coming apocalypse.. however the 'broker' said there was only £11 left after his commission.. very disappointing!!

Newmania said...

Tgere is a leetter in the DT on this very subject this AM Its been bubbling away since the Govebnment first started intervening , hasn`t it, in one way or another.
I don`t think the EU dare and a formula will have to be found . It wil be fascinating to see how a fig leaf is hung on this though.

PS My blog now finished thanks for looking in.

CityUnslicker said...

Mutley - that broker will be fired for leaving you with £11.

CityUnslicker said...

N - I have left a wreath at your place. I shall look at the letters page on my way home...

Anonymous said...

I agree with Newmania, the EU will not dare to intervene. If it was just the UK that was affected then they would stick the knife in good and proper like the always do - but since the Germans are in it up to their necks they will be forced to turn a blind eye. German Dax was down 8% yesterday on write-downs from WestLB bank. Down almost another 2% today.

Anonymous said...

The chap whom The Times pays to promote financial complacency has suddenly lost his head and been blunt about Brown. He also has a nice anology for the Northern Rock rescue - using your Mastercard to pay off your Visa bill.

Anonymous said...

"using your Mastercard to pay off your Visa bill"

Except it should be using your neighbours Mastercard to pay the Visa bill of the local confidence trickster

Mark Wadsworth said...

"poring over"

hatfield girl said...

No-one could accept leaving the people of the North East standing in the rain. We always had to pay for some kind of shelter and then rebuilding of wealth-creating opportunities.

What sticks in the craw is the manner of this. And the suffocation of entrepreneurial activity and choice for the North East.

Having to suck up to Applegarth and his sidekicks and cronies - yuk.

CityUnslicker said...

sorry mw - should have been pawing...

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