Unite union calls on government to re-mutualise Northern Rock
28th October 2009
Following the green light from the European Commission to
break-up Northern Rock into a 'good' and 'bad bank' , Unite -
the union representing workers at Northern Rock - is calling on the
government to re-mutualise the 'good' Northern Rock and return the
former building society back to the local community where it
belongs.
Unite's national officer for financial services, Rob Macgregor,
said: "The government now has the opportunity to make Northern Rock
a beacon for a new era of responsible financial services.
"Northern Rock should be re-mutualised and returned to the local
community from where it came, there can be no back door deals to
sell it to the highest bidder. Northern Rock's de-mutualisation a
decade ago was a disaster. Establishing it as a building society
would inject more competition into financial services and give the
bank back to its customers.
"Any break-up of Northern Rock can only be achieved if it
guarantees jobs in the North East and protects the interests of
savers and borrowers.
"Private companies and other PLCs should not benefit from the
taxpayer bail out of Northern Rock and any new deal on the future
of Northern Rock should include full repayment of the total costs
of its bail out."
ENDS
Contact: Ciaran Naidoo on 07768 931 315
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