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UK government selling Northern Rock
UK government selling Northern Rock to Virgin Money for $1.2 billion
By The Associated Press

LONDON (AP) ' The British government has agreed to sell mortgage lender Northern Rock, the nation's first victim of the credit crisis, to Virgin Money.

The Treasury said Thursday that Virgin Money is paying 747 million pounds ($1.2 billion) on closing but there are provisions for the government to receive up to 1 billion pounds in total.

Northern Rock was nationalized in February 2008 after wholesale funding dried up. The company was split in 2010 into two businesses: Northern Rock PLC, which Virgin Money is buying, and Northern Rock (Asset Management) PLC which holds a portfolio of the riskiest loans.

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