Rock repays Bank debt with JPMorgan sale

Northern Rock, the beleaguered British mortgage lender, is to pay back some of its Bank of England debt through the sale of a mortgage portfolio worth £2.2 billion to JPMorgan, an American investment bank.

"This is a relatively small transaction, representing around 2% of Northern Rock's gross assets, but it is a positive development in the Company's ongoing strategic review," said Andy Kuipers, the lender's chief executive. "It illustrates the quality of our assets, which has enabled us to a