Rock-bond plan could pay off Bank loan

The British Treasury underlined its commitment to finding a private sector bidder for Northern Rock on Monday, publishing details of a strategy that would require no upfront repayment of the £26 billion ($50.6 billion) owed by the beleaguered mortgage lender to the Bank of England.

The new plans would instead look to the capital markets to repay the Bank debt through a note issuance backed by the mortgage lender's assets. The Treasury would guarantee the payments in the event that assets fail