EU rules may scupper Northern Rock plan

A European Commission official said that if the British government continues to provide support for Northern Rock beyond 17 March, which under the plans for the nationalisation of the bank announced this week seems inevitable, it will have to prove that the money is being used as restructuring aid and not rescue aid.

According to a report in The Telegraph, a British daily newspaper, European competition laws could be breached unless the government shows that it is taking steps to restructure

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