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Britain offloads Northern Rock loans in biggest European state asset sale

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Britain offloads Northern Rock loans in biggest European state asset sale
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Britain has sold 13 billion pounds (18 billion euros) worth of loans once held by former mortgage lender Northern Rock, which was nationalised during the financial crisis.

It’s the largest ever financial asset-sale by a government in Europe.

The 125,000 loans have been bought by US private equity firm Cerberus for 280 million pounds (nearly 400 million euros) more than their book value, recouping money for taxpayers.

Northern Rock came to symbolise the financial crisis in Britain after it almost collapsed in 2007.

British Finance Minister George Osborne said the sale marked a major milestone in clearing up the mess left behind.

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